MyGreens raises Rs.3-5 crore in an angel round led by LetsVenture
Delhi-based cold pressed juice maker MyGreens has raised Rs 3-5 crore in an angel round led by early-stage investment platform— LetsVenture.
MyGreens will use the capital raised to launch a new range of beverages in keeping with its vision to be a ‘clean label’ fast-moving consumer goods brand by early 2018.
Rohan Gupta, Co-founder, MyGreens, said, "This funding will ignite our move into mass market products with strong links to healthy living. We want to pioneer the clean label movement in India."
The company will launch a range of natural beverages for the mass market, which will be more affordable and compete with the likes of Fresca and Paper Boat.
Ajay Relan, lead investor in the company and founder-chairman of private equity group CX Partners, said, "The company has a solid competitive positioning versus similar companies that have been funded recently and will quickly grow in newer markets that it is exploring."
The new line of products will open up a larger market for the company, which is targeting an increase in sales volume to 5,000 bottles a day, from the current 500-1,000 a day, in the next 12 months.
MyGreens, which competes with the Sequoia Capital-backed RAW Pressery, offers beverages in the range of Rs 100-250 a bottle in different sizes. The company is targeting a 30% monthly growth and is looking to reach profitability by the end of 2017.