Greencart.in Raises US $ 1.5 million in First Round of Angel Funding

Greencart-GrapesGreencart.in, the Mumbai based online portal specializing in fresh produce and gourmet food has secured US $ 1.5 million in its first round of funding. The portal received the funding from Techno Group, which has diversified interests in hospitality, construction, real estate development, financial services and agribusiness.

Greencart Ventures will utilize these funds to expand its operations and strengthen its distribution channels. It will also use these funds to augment its sourcing network besides enhancing end user experiences. The portal had gone live in 2013 and currently offers more than 1500 products in over thirty categories. Its’ fresh range is one of the most extensive in the city and is currently unmatched by any online or brick and mortar store.

“The fresh produce market in India is estimated at US $ 20 billion per annum and is currently dominated by the unorganized sector. This sector is not only growing at a fast pace, but also witnessing a marked transformation. More and more consumers are becoming conscious of quality, looking for standardization of products and beginning to enjoy the conveniences of online shopping,” says  Jaydeep Mehta, Chairman, Techno Group. “We believe the time is perfect for a company like Greencart Ventures to capitalize upon the market conditions and capture a share of this fast growing market,” he adds.

Greencart Ventures is co-founded by Rajiv Tevtiya, who has earlier worked with TATA group and is an alumnus of JBIMS. The other co-founder  Kiran Tevtiya, takes care of technology at Greencart. She was earlier working with Bank of America Merill Lynch. Both, Kiran & Rajiv started this venture along with Devidas Mule who has years of experience in growing, sourcing and distribution of fresh produce. They have built a strong team of professionals with in-depth experience in Agriculture, Technology, Distribution and Marketing to manage Greencart.

Greencart emphasizes on freshness, health, hygiene and value as its USPs. “These are not mere marketing catch phrases for us. We walk the talk as our management is directly associated with the agriculture sector. Their backward linkages give us a huge sourcing advantage, says Rajiv Tevtiya, co founder and CEO.

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