[Funding Alert] TenderCuts Secures $15 mn; to Expand Current Operations
[Funding Alert] TenderCuts Secures $15 mn; to Expand Current Operations

TenderCuts, one of India’s only truly omnichannel meat and seafood brand, has raised $15 million in a round led by Paragon Partners, a mid-market PE fund founded by Siddharth Parekh and Sumeet Nindrajog with participation from NABVENTURES, a leading agri-food tech VC fund backed by NABARD.

The funding will allow TenderCuts to expand its current operations and pursue organic and inorganic growth opportunities. The funds will also allow the company to invest in scaling up its supply chain and technology infrastructure to support innovation and accessibility of its products and services.

[Funding Alert] TenderCuts Secures $15M to Expand Current Operations

Founded by Nishanth Chandran in 2016, TenderCuts is revolutionizing the way meat and seafood are sold in India. Indian consumers, unlike their western counterparts, prefer fresh (never frozen) meat and seafood. Also, many consumers have specific preferences in terms of the cuts of their meat and fish. TenderCuts provides freshly cut meat and seafood to customers through their unique neighborhood stores which cater not only to walk-in customers but also online shoppers. All of which is driven by a fully integrated supply chain fuelled by proprietary technology.

Stringent focus on quality ensures that customers get the most hygienic and tastiest meat. Besides, TenderCuts is the only branded meat company offering the freshest meat to consumers, either in stores or delivered to their doorstep within 2 hours of it first being cut.

Nishanth Chandran, Founder, and CEO, TenderCuts, commented, "It is heartening to see TenderCuts become a market leader in the cities it operates in after it has managed to transform the way fresh meat and seafood is sold in these markets. It is an affirmation of the unique omnichannel and seamless supply chain model in the sector. This investment will pave the way for us to enter new markets and further establish our omnichannel network. We are delighted to partner with Paragon Partners and NABVENTURES and look forward to tapping into their significant experience in growing consumer businesses in the retail, agri, food & beverage, and e-commerce sectors."

[Funding Alert] TenderCuts Secures $15M to Expand Current Operations

Presently, TenderCuts has 25 stores across Chennai and Hyderabad, which cater to walk-in and online customers. The company’s core product portfolio includes fresh chicken, mutton, seafood, marinades, pickles, and eggs. Besides, the company also has an expansive ready-to-eat and ready-to-cook product range comprising cold cuts, sausages, kebabs, shawarmas, etc.

Siddharth Parekh, Co-Founder, and Senior Partner, Paragon Partners, said, "We are excited to partner with Nishanth to realise his vision of revolutionizing the way meat and seafood are sold in India. We believe that TenderCuts has an opportunity to leverage its robust supply chain of farmers and fishermen and its omnichannel strategy to efficiently cater to the mass market.  Given our team's deep experience in retail and e-commerce, we are confident that we can help TenderCuts achieve significant scale and accelerate the shift to the organized segment. We are also excited to announce that this will be the first investment from our second fund."

According to Dr. GR Chintala, Chairman, NABARD, and NABVENTURES, "Our investment in TenderCuts is a testament to NABVENTURES' commitment to give a big push to startups operating in the agri and allied space in India.  We believe that TenderCuts’ omnichannel strategy gives it a clear edge over online-only/store-backed retail players."

Rajesh Ranjan, Chief Executive Officer, NABVENTURES, added, "The direct-to-consumer meat market is at a nascent stage in India with less than 1 percent penetration. TenderCuts has been able to build a differentiated business model with omnichannel capability enabling TenderCuts to offer quality meat and seafood to the offline segment as well which is around 96 percent of the market.  NABVENTURES would leverage its network of FPOs and farmers to optimize the TenderCuts supply chain by sourcing farm-fresh meat, provide additional income-earning opportunities for our farmers and build India’s largest meat brand over the next 5 years."

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading