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B2B processing platform Suite42 raises $4.3M seed round from Omnivore & Orios
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Thursday, 08 September, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Suite42, a B2B food processing platform, has announced that it has raised US$4.3 million in seed funding. The round was co-led by Omnivore and Orios Venture Partners, with participation from Titan Capital, All In Capital, Pointone Capital, and prominent angel investors including Sujeet Kumar (Udaan).
Suite42 provides contract manufacturing solutions for food processing, serving diverse B2B clients across the FMCG, agribusiness, and grocery industries. Despite the rapid increase in demand for branded food products, most food brands in India struggle with reliable manufacturing. At the same time, India has more than 40,000 food processing units that suffer from multiple inefficiencies including low capacity utilisation, lack of quality standardisation, high wastage, and limited access to working capital financing.
The platform is working to solve these long standing issues, offering complete contract manufacturing solutions - identifying trusted manufacturing partners, enabling fair price discovery, reducing the cost of food processing, product development, ensuring quality standardisation, lower minimum order sizes and optimising logistics. For the food processors, Suite42 is aggregating demand, driving better capacity utilisation, and facilitating low-cost access to working capital.
Based in Bangalore, Suite42 was founded in 2022 by Rahul Ratan, Ramakrishna Cheruku, Chethan S, and Shriram S. Rahul and Ramakrishna are IIT graduates who were previously working with Udaan and Microsoft, respectively. Chethan is an NIT graduate who has previously worked with Udaan and Hyundai Motors. Finally, Shriram, an alumnus of IIM Lucknow, has also worked with Udaan. Together, the founders have a deep knowledge of operations, logistics, credit, and the food supply chain.
Suite42 plans to use the seed funding for talent acquisition, developing the “Suite42 Standard” in the food processing ecosystem, launching raw material financing, and piloting cross border trade (exports). In the next 18 months, the startup plans to work with various B2B clients including e-commerce, D2Cs, and FMCG brands, as well as 2,000 modern trade outlets across multiple cities.
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