Local D2C service brand F5 raised 5 crore in the pre-Series A funding round led by Auxano Capital.
The cycle also saw the participation of other investors including Huddle, Lets Venture, Venture Catalyst.
F5 Refreshment was launched in 2018 by Raghav Arora and his founding partner Lalit Aggarwal. The company is focused on building a hyper-local ecosystem around the daily needs of the consumer in the workplace, a market it says is estimated to be around $ 100 billion.
The company currently has over 10,000 daily customers with an ARR of over 8 crore. He saw an 8-fold growth in the number of commercial subscribers after Covid, he said.
The company has a presence in 30 live markets in two cities (Delhi NCR and Lucknow) and plans to expand to all metropolitan cities over the next 36 months.
With current use of funds, he expects to hit ARR 15 crore with 50 branded stores and expand his portfolio to digital and non-digital offerings. F5 previously closed a 2.8 crore fundraiser in May 2020.
“The Indian consumer is becoming brand aware, service oriented and with Covid also hygiene conscious. Today’s everyday workplace market is marred by inefficiencies in products and services. We believe the market is huge and ripe for disruption, ”said Raghav Arora, co-founder of F5.
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