D2C Brand F5 Raises INR 2.5 Cr In Pre-Series A Round The company will use the proceedings to tap the $34 billion daily workplace needs market for consumers. In addition to this, the funds will also be used for R&D, customer acquisition and tech development
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D2C brand F5 servicing daily workplace consumption on Tuesday announced that it has closed INR 2.5 crore as the first tranche of its pre-Series A round while it is in the final stage for closing the second tranche in the next couple of weeks. The current raise saw participation from angel investors that include Mohit Satyanand, Teamwork Arts who led through LetsVenture Platform, Gurugram-based Accelerator Huddle, AngelList, Venture Catalysts, Top Forbes Indian Angel Investor- Rohit Chanana, Dr. Jeevak Gupta, Private Equity; InvAscent among others.
The company will use the proceedings to tap the $34 billion daily workplace needs a market for consumers. In addition to this, the funds will also be used for R&D, customer acquisition, and tech development.
The company had earlier raised INR 3 crore as part of its Seed Round in May 2020.
F5 is founded by two IIM Lucknow alumni- Raghav Arora, and Lalit Aggarwal who has done his graduation from IIT Ropar. Currently, 95 per cent of the workplace retail industry is served by local unorganized vendors who have limited resources and capabilities to cater to the changing needs of the customers. With COVID increasing the general awareness about hygiene and quality among the masses, the company has already registered sixfold growth in business subscribers Post-COVID and has served more than 50 lakh cups to date, serving more than over 12000 cups per day to over 6000 daily consumers, the platform shared.
"We are thankful to our investors for showing confidence in us and our business model. We are in the middle of closing the next tranche and are very hopeful of the coming times. COVID has made the general public more conscious of hygiene and quality and made them more tech-savvy. Demand for our products is highly inelastic which ensures our demand bounces back immediately post lockdowns," said Raghav Arora, co-founder, F5.
The company's vision is to own the complete hyperlocal workplace ecosystem with consumers, efficient last-mile logistics, and a capital-efficient retail presence.