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Stride Ventures, a leading venture debt firm, announced today, a funding of INR 30 crore in a tech-enabled fresh meat and seafood ordering platform, TenderCuts.
This investment is aimed at supporting TenderCuts in their growth and expansion plans across 8 cities by early 2022.
This is the 43rd investment in the firm’s portfolio across both funds, as it continues to play a strategic role in the growth stories of new-age companies.
Launched in 2015, TenderCuts is a platform to order fresh meat and seafood – chicken, mutton, seafood, and eggs. The company also has a ready-to-eat and ready-to-cook product range comprising of sausages, kebabs, shawarmas, pickles, etc.
Through its Omni-channel distribution strategy, TenderCuts currently serves its customers across Chennai, Hyderabad, and Bangalore through its 50 ommi-channel stores. The Company launched a ‘freshly cut meat’ campaign in November, talking about how the meat was cut only after the customer had placed the order.
Speaking on the development, Apoorva Sharma, Partner, Stride Ventures, said, “TenderCuts has plans for expanding its reach pan-India and we are delighted to partner with them in their growth journey. This is a highly fragmented market where customer experience is inconsistent. TenderCuts’ omnichannel distribution strategy enables it to maintain low turnaround and deliver high quality, freshly cut meat.”
Commenting on the funding, Nishanth Chandran, Founder & CEO, TenderCuts, said, “TenderCuts is the largest omnichannel organized meat brand. Our learnings in the South will help us expand swiftly across other cities in India. We already are at 50 stores and will be expanding to 8 cities in 2022. Stride is the right investment partner for us given their strategic focus. We are happy to partner with Stride as both companies are aligned to the future of consumer tech and organized retail.”
Since its commencement, Stride Ventures has focused on investing in market leaders across sectors. Having been one of the most active ventures debt companies this year, the total commitments have crossed Rs 1000 crores in portfolio companies across both its debt funds.