Online organic products company Joybynature Inc. said on Tuesday that it has raised $1 million in an early stage funding. The funding round was led by Mumbai Angels and joined by Contrarian Vriddhi Fund and Individual Angels.
Mumbai Angels Investors in this round include Abhimanyu Munjal of Hero Group and Vaaman Sehgal from Samvardhana Motherson Group who have invested through advantEdge, their personal fund.
Proceeds Proceed Where?
Shailesh Mehta and Rahul Kumar founded the Delhi-based company, which operates Joybynature.com, in 2014. It is looking to use the funds to launch a private label and hire senior executives, besides marketing initiatives and technology expansion.
The Indian organic market is expected to reach $173.3 million by 2017, according to a report which also states that with this unprecedented growth, the opportunity for farmers and growers to gain access to investment opportunities, providing supply and marketing the benefits to consumer will be fantastic.
“A shift in consumers’ mindset towards organic and natural products is becoming a way of life, consumers’ willingness to transact online and a solid team was the rationale behind the investment. The team has worked with farmer-producer firms of organic and natural products, and fits into the theme of working with mass market businesses,” said Somak Ghosh, managing partner with Contrarian Vriddhi Fund.
Joybynature has over 35,000 customers. Besides offering about 10,000 products, it also provides expert advice on wellbeing through live chats.