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Tendercuts raises Rs 110 crore led by Paragon Partner & Nabventures
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Tuesday, 13 July, 2021, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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TenderCuts, India’s first omni-channel and tech-driven fresh meat and seafood company, has recently raised Rs 110 crore or $ 15 million in a round led by Paragon Partners, a mid-market PE fund with participation from Nabventures, an agri-food tech VC fund backed by NABARD. In addition to the capital received from NABARD.
With this funding the company also has the advantage of NABARD’s network of over 5000 plus farmer producer organisations which includes over 1 million farmers, helps the company to augment its supply chain, by establishing direct partnerships with local farming and fishing communities and strong backward links to guarantee absolute freshness.
Recently the company made an entry in Bengaluru. This was after its successful operations in Hyderabad and expansion of outlets in Chennai.
In Bengaluru currently, residents in vicinities of JP Nagar, Koramangala and HSR Layout would only be able to have access. The brand would be strengthening its presence in Bengaluru with addition of more stores in the coming months across different neighbourhoods.
Nishanth Chandran, founder and CEO, TenderCuts, said, “Since our first launch in Chennai in 2016, our experience has been nothing short of extraordinary. We are humbled by the response we have received from our customers, which has helped us to grow and become as one of the most preferred brand for purchase of hygienic meat and seafood. With our expertise as the market leader in Hyderabad and Chennai, TenderCuts takes a leap ahead into the Bangalore market with constant passion towards delivering the highest quality of fresh meat and seafood.”
Currently, the meat and seafood start-up that follows an omni-channel business model which is both online and retail and maintains absolute freshness in the products. Once a customer places an order for a meat product, the order is directed towards the nearest store in the neighbourhood and the butcher slices the meat/seafood only after the order is received and it is not cut and stored prior.
“We process our orders in compliance to WHO and FSSAI standards, and the order is delivered within two hours after the initial cut, to ensure that our customers are assured of freshly cut meat and seafood at any point of time. Our farm-to-fork approach has set new benchmarks in the fresh cuts meats industry, with a diverse application of food technology to the selection, processing, preservation, packaging, distribution of fresh cut meat and seafood,” said Chandran.
Customers can opt to purchase products from the stores directly or they can order online through the app. It has also introduced contactless retail services to help customers to pick a slot, book their order and pick up from the store directly and ensure social distancing is maintained.
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