Indian clean-label meals model Anveshan has raised Rs 150 crore (about $15.8 million) in a Sequence B funding spherical led by Vertex Ventures Southeast Asia & India.

The spherical additionally noticed participation from the Worldwide Finance Company (IFC), a member of the World Financial institution Group, Swiggy co-founder Sriharsha Majety, and current buyers together with Wipro Client Care Ventures, Titan Capital, Pressure Ventures, and boAt founders Aman Gupta and Sameer Mehta.

Based in 2020 by Kuldeep Parewa, Akhil Kansal and Aayushi Khandelwal, Anveshan sells minimally processed meals merchandise together with A2 bilona ghee, cold-pressed oils, uncooked honey, atta and different nutrition-focused merchandise. It operates by a community of rural producers and micro-entrepreneurs throughout India.

The startup plans to make use of the raised capital to increase manufacturing capability, develop new merchandise, strengthen sourcing and procurement programs, and improve its presence throughout on-line and offline channels.

“This funding will assist us strengthen our manufacturing and sourcing ecosystem, increase into newer classes, and make top quality clear meals merchandise accessible to a a lot bigger shopper base throughout the nation,” CEO, Kuldeep Parewa stated.

The startup presently runs 16 manufacturing services throughout 9 states and distributes its merchandise by its personal web site, e-commerce marketplaces and quick-commerce platforms.

Parewa stated demand for clean-label merchandise was more and more coming from smaller cities.

“Nearly 50-55% of our income is coming from tier 2, tier 3 cities. We realise that buyers past the highest cities are conscious of what they need to put of their physique and wish to purchase clear merchandise,” he stated.

It plans to broaden its atta vary, deepen funding in product innovation, strengthen its direct-to-consumer enterprise and increase offline distribution.

Commenting on the funding, Vertex Ventures companion Kanika Mayar stated, “India’s meals and diet market is premiumising, with customers in search of better transparency, high quality, and belief within the merchandise they eat.”