Retail tech startup NutriTap raises $ 1.5 million in funding from Venture Catalysts, others

Bombay: Retail technology startup NutriTap Technologies claimed to have raised approximately $ 1.5 million from Venture catalysts, Lets VentureIK Capital, Elysian Fintech and some major retail HNIs.

The capital raised will be used to enhance internal technology, invest in research and development and increase presence in all sectors and cities.

NutriTap, founded in 2018 by IIT Kharagpur alumni Rajesh Kumar and Priyank Tewari, creates alternative sales channels for brands for direct-to-customer retail (D2C). The startup’s comprehensive retail experience includes smart kiosk technology and a streamlined distribution mechanism.

“In India, kiosk retail is now accepted as an alternative mode of retail. To make sure customers get the right retail solution, you need to have the right technology to do it. At NutriTap, we are building the technology to address this $ 10 billion alternative channel market, ”said Rajesh Kumar, co-founder of NutriTap.

India has limited players capable of creating efficient unattended retail infrastructures and they also have a high dependence on importing archaic and expensive vending machines from global markets. Nutri Tap He claims to have addressed the problem by building proprietary in-house technology for retail kiosks that includes machine design, payment hardware, back-end software, and data and business analytics capabilities.

NutriTap currently operates over 250 smart retail outlets in India’s Tier 1 metropolitan cities.

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“While traditionally, alternatively, kiosk-based retailing has been associated with vending machines and has been very limited to corporate snack or residential grocery categories, we believe our technology has the potential to cater to the broader market. retail FMCG and bring in a D2C Flavor for brands across multiple categories, ”said co-founder Priyank Tewari.

“What NutriTap is building will propel them to become category leaders in this still nascent alternative, unattended retail space and we believe they have the right team to make it happen,” said Venture Catalysts’ Apoorva Ranjan Sharma.

NutriTap aims to enable smart retailing in 800 locations in the next year and in more than 2,500 locations in India’s major metropolitan cities over the next two years.

“NutriTap has not only been able to survive the back-to-back COVID waves, it has also recorded solid growth numbers based on timely pivotal. We are confident in the founders’ ability to create a complete alternative retail company and realize the vision of making retail easier and more accessible for customers and brands, “said Ishank Kumar, managing partner of IK Capital.

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