A new entrant in the direct-to-consumer (D2C) fast-moving consumer goods (FMCG) segment, Mitra, has recently achieved the milestone of Pre-Series A funding of INR 11 crore ($1.3 million approximately). The first round was invested by Bestvantage Investments, and the other investor was a strategic family office from Dubai. The new funding seems to elevate Mitra’s market expansion strategies and expand the company’s supply chain capabilities to a great extent, perhaps one of the most significant milestones in the company’s evolution.
Bestvantage Investments Role
Over the years, Mitra has received tremendous support from its majority shareholder; Bestvantage Investments. As a leading player in the field of venture capital funding for promising startups, Bestvantage has supported businesses through monetary investments and through guidance, expertise, and networking contacts. Mitra has had the support of the firm from the very beginning and this has made the firm to have rapid growth and acquire all its milestones.
Strategic Funding Details
Bestvantage Investments, an active investor in the Fintech sector SelectPre-Series A funding round saw active participation from Bestvantage Investments, one of the leading investment companies focused on emerging high-growth start-ups. This is further evidenced by the participation of a strategic family office from Dubai as more investors bet on Mitra’s business proposition and growth trajectory.
Mitra has recently set up modern factories for manufacturing in Mathura and Gurugram. Funds from the new capital will be utilized to improve these facilities to expand production capability and provide quality services. The company needs to run effective and efficient supply chain networks to pull out enhanced business solutions. This entails incorporating advanced logistics systems and technology to enhance the delivery of products to clients. Currently, Mitra is aspiring for new growth opportunities in both the domestic and the global landscapes. The company aims to export the products to European markets and to be involved in strategic government bids such as NAFEDs and Bharat Aata bids.
Growth Impact of Mitra
Over the years, Mitra had established its stronghold in the growing field of Direct to Consumer Fast Moving Consumer Goods. The company has established the required network of more than 300 distributors and 10,000+ retailers with a presence in 14 countries. The key Product management strategies that Mitra has applied include innovation and quality that have pleased the consumers leading to swift sales growth.
Within the first year of its operations, Mitra achieved total sales of more than $2 million, a growth of 3200%. For the year, the company expects to sell products or services over $5 million, an increase of 3.5 times expected from the previous year. This ambitious goal can be viewed as attainable given the company’s positive net EBITDA and the overall context of active investors and supporters.
Conclusion
A recent financial boost, headed by Bestvantage Investments, is a major point in Mitra’s development. The infusion of fresh capital will help Mitra strengthen its supply chain competence, penetrate deeper into the market place, and deliver on its set growth strategies. Mitra is on the right course as it is expands its services and products it is poised to leave a lasting dent in the D2C FMCG sector.
