08 May 2017, India:
Delhi-based cold-pressed juice maker MyGreens has raised around Rs. 5 crores in the latest round of funding led by early-stage investment platform LetsVenture.
MyGreens was founded in 2016 by Mishra and Rohan Gupta. Mishra is an IIT Delhi and IIM Calcutta alumnus and was earlier associated with the Boston Consulting Group and Monitor Deloitte, according to the company website.
“This funding will ignite our move into mass market products with strong links to healthy living. We want to pioneer the clean label movement in India,” said Rohan Gupta, co-founder of MyGreens.
As per the report by ET, MyGreens will use the capital raised to launch a new range of beverages in keeping with its vision to be a ‘clean label’ fast-moving consumer goods brand by early 2018. The report also stated the startup raised somewhere between Rs. 3 to 5 crore.
“The company has a solid competitive positioning versus similar companies that have been funded recently and will quickly grow in newer markets that it is exploring, ” said Ajay Relan, a lead investor in the company and founder-chairman of private equity group CX Partners.
MyGreens recently acquired business rival JusDivine in an all-equity deal for about $3million.