-KH News Desk
Business-to-business (B2B) food processing company Suite42’s operator, One Suite Technologies Pvt. Limited, said on Tuesday that it has secured an initial investment of $4.3 million (about Rs 33 crore), headed by Omnivore and Orios Venture Partners.
Other investors such as Titan Capital, All In Capital, and PointOne Capital joined angel investors like Sujeet Kumar (co-founder at Udaan) and others in the round.
Suite42, a company founded last year by Rahul Ratan, Ramakrishna Cheruku, Chethan S, and Shriram S, provides B2B clients in the FMCG, agricultural, and grocery industries with contract manufacturing solutions for food processing. Within the next 1.5 years, the business intends to collaborate with B2B clients from the e-commerce, direct-to-consumer, and FMCG industries.
Ratan, Shriram S., and Chethan S., three of the four co-founders, formerly worked at Udaan; Cheruku, the fourth co-founder, previously worked for the global technology giant Microsoft.
“Our mission is to empower food manufacturers in India by leveraging technology and building efficient and standardized processes. Consequently, brands and consumers will have access to premium products and ingredients at affordable prices,” said Ratan, Co-Founder, and chief executive officer of Suite42.
“The sector is highly unorganized with deep inefficiencies. Less than 5% of India’s agricultural output is processed, preventing the realization of profits across the value chains,” said Jinesh Shah, Managing Partner of Omnivore.”
The business claimed that with the help of its B2B food processing platform, inefficiencies in Indian food processing facilities, such as low capacity utilization, a lack of quality standardization, high wastage, and restricted access to working capital finance, could be resolved.
Suite42’s services include decreasing the cost of food processing, finding dependable manufacturing partners, and enabling the discovery of reasonable prices. It also aggregates demand for food processors, promotes greater capacity utilization, and makes it easier for them to get working capital at a cheap cost.
“Suite42 is building a platform to digitize the back end of a food brand from procurement to packaging. The team is targeting a large total addressable market and manages the entire supply chain for the brand,” said Vinit Bhansali, Senior Vice President at Orios Venture Partners.
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