JoybyNature Secures A Funding Of $1Mn From Mumbai Angels
Organic foods have gained utmost importance and is hogging the limelight, thanks to the usual run of the mill processed food which is plagued by pesticides and fertilizers. Joy by nature is one such startup that is striving hard to inculcate the Organic food habits among the people and help them make a switch to a healthy lifestyle. Joybynature is a Delhi based startup owned by Pavitra Retail and aims at delivering the “Joy by nature”. Currently it is one of the largest online performer in the organic industry.
Founded in the start of 2013 by Shailesh Mehta an alumini of IIT and management graduate from INSEAD along with Rahul Kumar from IIM Hyderabad, succeeded to procure an angel investment of $1 Mn from Mumbai Angels, Contrarian Vriddhi Fund and High Networth Individuals (HNIs) which included Abhimanyu Munjal of Hero Group and Vaaman Shegal from Samvardhana Mothers Group who have invested through their personal fund , advantEdge. Joybynature now has an inventory of 10,000 SKUs provenanced from 300 vendors across eight categories with a 30 percent of repeat purchase rate.
“We will use this funding to build awareness around the portal, introduce private label brands, double our team size to 30, and strengthen the technology platform,” said Mehta.
“Organic and natural products has tremendous potential internationally – a market as big as $250 billion and advantEdge fund will work closely with Joybynature’s strong team to make it a global player,” said Sehgal of Samvardhana Motherson Group.
With the huge demand for the organic / natural products , the company ships 300-350 orders a day with an average ticket size of INR 350. The revenue for FY15 is planted at INR 1.7 Cr.
The apportion was promoted by Equity Crest , which is a deal making rostrum connecting entrepreneurs, investors, financial advisors and Joybynature.