Startup TechnifyBiz raises USD 2 mn from Omnivore, Insitor Impact Asia Fund

Startup TechnifyBiz, an online marketplace for non-perishable food items, on Tuesday said it has raised over USD 2 million (Rs 14 crore) in seed funding from Omnivore and Insitor Impact Asia Fund.

TechnifyBiz is a digital B2B marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains, and honey.

Shashank Kumar and Harshil Mathur, co-founders of Razorpay, have also invested in the round, the company said in a statement.

Existing angel investors include R Narayan (Power2SME), Rajnish Gupta (Aakash Namkeen), and Indigram Labs.

TechnifyBiz was co-founded by Akash Sharma and Abhishek Agarwal shortly after graduating from IIT Delhi and IIT Roorkee, respectively. It works closely with SME food processors and farmer groups on the supply side and wholesale buyers on the demand side.

"TechnifyBiz is tracking a monthly revenue run rate of Rs 10 crore and will cross Rs 75 crore of sales revenue in FY 2019-20, an increase of 5x from FY2018-19, when sales were Rs 15 crore," the statement said.