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Boston Brand Media brings you the latest - Greenday's FMCG brand celebrates a significant milestone as it secures PV Sindhu, the accomplished athlete, as an investor. This partnership signifies a union between sports and consumer goods, showcasing a promising future for the brand. Sindhu's endorsement adds credibility and value to Greenday's products, amplifying its market presence and highlighting its commitment to excellence.
SUMMARY
The FMCG brand Better Nutrition by agritech startup Greenday has enlisted badminton player PV Sindhu as both an investor and brand ambassador. According to insights from Inc42, the startup headquartered in Lucknow intends to utilize the newly acquired funds to scale up its NutriFarms project.
Additionally, Greenday aims to enhance its biofortification technology with the influx of capital, as reported by Inc42. Furthermore, a portion of its earnings will be allocated by Greenday to improve its distribution network and assist in the expansion into various crops.
Previously, in 2022, Greenday secured an undisclosed sum of funding from IIMA Ventures, previously known as CIIE, an incubator at IIM-Ahmedabad, along with several angel investors. According to a company statement, Greenday aims to tackle India's prevalent micronutrient deficiencies through biofortification, facilitated by its collaboration with Sindhu.
Established in 2017 by Prateek Rastogi and Aishwarya Bhatnagar, Greenday incentivizes farmers to cultivate nutrient-rich crops containing vital micronutrients like Iron, Zinc, Vitamin A, and Vitamin D.
Currently, the company operates approximately 75 agri-input stores and procurement centers nationwide under its Greenday 'Kisan Ki Dukan Brand'.
Meanwhile, its FMCG brand Better Nutrition employs the biofortification technique to enhance the nutritional content of crops starting from the seed stage. Its product lineup encompasses a diverse array, including biofortified Atta, Rice, Bajra, Ragi, and Makka.
Prateek Rastogi stated, “Presently, we are collaborating with 15,000 farmers and have ambitious plans for scaling up our operations. Our objective is to expand into various regions and crops. With our revenue already exceeding INR 10 Crores, we anticipate the nutrition-rich farming and staples market to reach around INR 2000 Crores by 2030, with Greenday leading this growth.”
Boston Brand Media also found that it is noteworthy that Greenday provides biofortified seeds to farmers and procures produce directly from them at a premium price.
The startup asserts its collaboration with numerous FMCG brands, mill owners, and government bodies to establish an advanced supply chain of biofortified agricultural produce.
Greenday competes with players like Agrizy from Bengaluru and Agrowave from Gurgaon in the food and agriculture technology sector.
The timing of this development coincides with a notable trend in which domestic agritech startups are attracting substantial investments. According to data from Inc42, the Indian agritech sector secured over $2.4 billion in funding through 285 deals between 2014 and February 2024.
Just last month, New Delhi-based agritech startup Poshn raised $4 million in a combination of equity and debt during its pre-Series A funding round, with Prime Venture Partners and Zephyr Peacock India as co-leads.
Similarly, FarMart obtained INR 24 crore as part of its funding round from Swiss asset manager ResponsAbility Investments.
Additionally, internet company Info Edge, led by Sanjeev Bikchandani, injected an extra INR 15 crore into agritech startup Gramophone.
For questions or comments write to writers@bostonbrandmedia.com
Source: inc42
