Source: Entrackr
Handpickd, a startup that focuses on fresh farm produce and supply chain, formerly known as Sorted, is raising Rs 21.7 crore in an extended seed round led by Nitin Gupta and Genesia Ventures with participation from BEENEXT ,Stargazer Ventures, Eximius Ventures ,Sunrise Sunset Family Trust, and others.
The board of Handpickd has passed a resolution to approve the issue of 10,547 Series Seed B CCPS at an issue price of Rs 20,566 which will allow the startup to raise Rs 21.7 crore or roughly $2.5 million will allow it to raise this round, according to documents sourced from the Registrar of Companies (RoC) indicating filings from March 2025.
Nitin Gupta, Partner at GG Enterprises and Genesia Ventures, was the lead investor in the round with Rs 6.48 crore and Rs 6 crore, respectively. Also participating was a returning investor in BEENEXT, which will invest Rs 2.16 crore in the round. Sunrise Sunset Family Office will also invest Rs 2 crore. The remainder of the round will be closed by the Infinyte Club Angel Fund and Eximius Ventures, Stargazer Ventures and Ankit Agarwal.
Based on filings, the company had already previously closed approximately Rs 10.16 crore, and we understand the rest will close shortly. The Blume Venture-backed startup is estimated to be valued at Rs 300 crores or $35 million, per estimates compiled by Entrackr.
Handpickd, which was founded by Anant Goel, and co-founded by Nitin Gupta and Sahil Madan, has a business model based on B2B2C through a tech-enabled supply chain, enabling delivery of fresh fruits and vegetables. The company’s produce is sourced directly from farmers and vendors, and the last-mile delivery of their produce is accomplished through a network of micro-entrepreneurs.
According to startup data intelligence platform TheKredible, Handpickd has raised about $9 million from investors like BEENEXT, Blume Ventures, Kunal Bahl, and Rohit Kumar Bansal.
The company posted more than 2.3X year-on-year growth in operating revenue, rising to Rs 17.5 crore in FY24, up from Rs 7.4 crore in FY23. The company’s loss has remained steady at Rs 2.1 crore for the 12 month ending March 2024 fiscal year.
Handpickd competes with other farm-to-fork funded startups like Otipy ($49 million), Fraazo ($61 million), Deep Rooted ($20 million) that went out of business. Handpickd also competes with Kareena Kapoor-backed startup Pluckk, which plans to raise $10 million.
