Retail Tech Startup NutriTap Raises INR 4 Crore
As per a statement, NutriTap aims to enable smart retail across 800 locations in the next one year and in more than 2500 locations in the top metro cities of India in the next two years
NutriTap Technologies, retail tech startup, has announced that it has signed up with Grip Invest for a leased financing deal of INR 4 crore. As part of the deal, Grip Invest will give its retail investor users an opportunity to invest in the retail space by leasing assets such as smart retail kiosks and other machines needed in running un unmanned full-time retail store.
"During challenging times when funding winter is looming large, raising debt for machine leasing speaks volumes about the confidence investors such as Grip Invest have on us. The deal also stems from the fact that there is a massive growth potential in the unmanned retail space post-pandemic. Machine leasing will help us to convert this business into an Opex-based model from capex one," said Rajesh Kumar, co-founder, NutriTap.
NutriTap is currently operating over 250 smart retail kiosks locations across the tier I metro cities of India and with Grip, the plan is to expand it to 12 cities by the end of this year. NutriTap aims to enable smart retail across 800 locations in the next one year and in more than 2500 locations in the top metro cities of India in the next two years, claimed by the company in a statement.
"Globally the interactive kiosk retailing segment is expected to reach $32 billion by growing at a CAGR of 14 per cent by 2028. In India, the market is already at $7 billion driven by growing urbanization and surging young population demands. Lease financing plays an important role in enabling this growth. It can meet different forms of capital requirements and unlock potential growth without having to worry about dilution," said Nikhil Aggarwal, founder and CEO, Grip Invest.
Founded in 2018 by Rajesh Kumar and Priyank Tewari, NutriTap is building alternate retail channels for brands to do D2C retail through retail kiosks which deploy patented technology for enabling multi category retail. The company has developed and owns the entire tech stack required for building these kiosks and hence, has ability to customize the kiosks based on the application areas or use cases.