The Meat Chop Raises INR 7 Crore In Seed Funding The fund raised will be utilised for expansion, building a strong team and brand, enhancing technology and supply chain infrastructure
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Local butcher stores sourcing and tech enabling startup The Meat Chop (TMC) has raised INR 7 crore in Seed funding from Mohan K (co-founder, IppoPay), Ankur Agarwal (co-founder, Dunzo), Meenakshi Sundaram, Jaikumar R (co-founder, IppoPay), Rahul Mahipal (founder, Capitar Ventures), Omar Bin Brek (founder and CEO, Foloosi a UAE based FinTech), Amith D'Souza Google, and other global angel investors. The fund raised will be utilised for expansion, building a strong team and brand, enhancing technology and supply chain infrastructure.
"Our goal is to create a platform to fix the information asymmetry in supply and demand that has plagued this market for a very long time. While 99 per cent of the $70 billion meat and seafood retailing is handled by the local butcher stores, the incentives were not actually reaching the butcher stores due to limited product shelf life, poor sourcing and lack of access to technology," said Appaas, CEO, The Meat Chop.
The butcher stores on its platform have seen a 50 per cent to 60 per cent growth in sales volume, reducing dump by 90 per cent and clocking nearly INR 1.5 crore on an average in annual sales. Powered by its data-driven and technology-backed systems, TMC enables local butcher shops to offer superior customer experience and effectively compete with large retail chains through in-store and online sales, as per the company's statement.
"TMC is bringing the benefits enjoyed by organised players to the local butcher shops including quality sourcing, tech stack, data analytics and last mile delivery. With meat and seafood retailing continuing to be very localised and personalised, TMC can help the local butcher shops extend modern shopping experience to the next billion customers," said Ankur Agarwal, co-founder, Dunzo.
Founded in January 2021 by Appaas, Kalyan, Navas and Yasar, The Meat Chop is a tech and supply chain powered platform for the local butcher shops.