New Delhi-based 'retail aggregator' F5 recently said it has raised an undisclosed seed round of funding led by investors from LetsVenture.
The investors who participated in the round include Madhusudan Kela-backed Singularity, Mohit Satyanand (Director, DFM Foods; Chairman & Founder, Teamworks Art), Varun Laul (MD, Zodius Advisors), Tres Ventures, Huddle, and Startup Buddy amongst its early-stage investors.
Founded in 2018 by IIM-Lucknow batchmates Raghav Arora and Lalit Kumar Aggarwal, F5 provides opportunities for its partner vendors to upsell and cross sell their products ranging from refreshments to services, thus creating a frequent interactive mini-market and increasing revenues of its partners by 40 percent.
The startup at present is incubated by Gurugram-based incubator Huddle.
Currently, the go-to-market product by F5 is tea. F5 has on-boarded more than 10 vendors and has over 500 paid subscribers in Delhi and Lucknow. The platform claims it currently sells more than 8,000 cups of tea per day, with annual revenues of Rs 1.5 crore.
Over the next year, F5 is looking to expand the scope of its retail aggregation through “workplace retail delivery service” by offering retail products like earphones, chargers and services like delivery pickups and drop offs, micro ATMs, recharges, and so on.