A B2B platform for food processing called Suite42 has secured seed funding of USD 4.3 million. With participation from Titan Capital, All In Capital, Pointone Capital, and well-known angel investors including Sujeet Kumar, the round was co-led by Omnivore and Orios Venture Partners (Udaan).
Serving numerous B2B clients in the FMCG, agricultural, and grocery industries, Suite42 offers contract manufacturing solutions for the food processing sector. Although demand for branded food goods is rising quickly, most Indian food firms have trouble finding trustworthy manufacturers.
Suite42 is a VC-funded startup that helps Individuals/brands/enterprises access to best in class manufacturing capabilities. They help customers build and operate digital manufacturing supply chains for their brand.
India is home to more than 40K food processing facilities, many of which are inefficient due to significant wastage, a lack of quality standardisation, low capacity utilisation, and restricted access to working capital finance.
Suite42 was formed in 2022 in Bangalore by Rahul Ratan, Ramakrishna Cheruku, Chethan S, and Shriram S. Rahul and Ramakrishna are IIT grads who previously worked for Udaan and Microsoft. Chethan graduated from NIT and has previously served for Udaan and Hyundai Motors. Meanwhile, Shriram, an IIM Lucknow graduate, has collaborated with Udaan. The founders have extensive experience in operations, logistics, credit, and the food supply chain.
Rahul Ratan, Co-Founder and CEO of Suite42, commented, “We are excited to start our journey of potentially redefining the food processing industry in India. Our mission is to empower food manufacturers in India by leveraging technology and building efficient and standardized processes. Consequently, brands and consumers will have access to premium products and ingredients at affordable prices.”
Suite42 intends to use the seed capital for talent acquisition, the development of the “Suite42 Standard” in the food processing ecosystem, raw material sourcing, and cross-border trade pilots (exports).
Jinesh Shah, the Managing Partner of Omnivore, said, “The sector is highly unorganized with deep inefficiencies. Less than 5% of India’s agricultural output is processed, preventing realization of profits across the value chains. We are excited to see Suite42 revitalize the food processing space in India.”
In the next 18 months, the business intends to collaborate with a variety of B2B clients, includes e-commerce, direct-to-consumer, and fast-moving consumer goods (FMCG) companies, in addition to 2000 modern trade stores across different cities.
Vinit Bhansali, Senior Vice President at Orios Venture Partners, said, “Suite42 is building a platform to digitize the back end of a food brand from procurement to packaging. The team is targeting a massive TAM and manages the entire supply chain for the brand. We are excited to partner with the team in their endeavor to make food processing more efficient.”
Suite42 serves customers across the lifecycle from Proof-of-Concept (Starter) to Mid-Tier (Growth) to Enterprise starting new divisions (Enterprise)
Services Offered:- Private Labels/Brands, Sourcing, Prototyping, Design, Packaging, Job Work
Categories:- Agri commodities/staples, Packaged Food & FMCG