Stride Ventures, a venture debt firm, announced a funding of Rs 30 crore in tech-enabled fresh meat and seafood ordering platform, TenderCuts. This investment is aimed at supporting TenderCuts in its growth and expansion plans across 8 cities by early 2022.
This is the 43rd investment in the firm’s portfolio across both funds, as it continues to play a strategic role in the growth stories of new age companies.
Nishanth Chandran, founder & CEO, TenderCuts, said, “Our learnings in the South will help us expand swiftly across other cities in India. We already are at 50 stores and will be expanding to 8 cities in 2022. We are happy to partner with Stride as both companies are aligned to the future of consumer tech and organised retail.”
Launched in 2015, TenderCuts is a platform to order fresh meat, seafood and eggs. The company also has a ready-to-eat and ready-to-cook product range comprising sausages, kebabs, shawarmas, pickles, etc. Through its omni-channel distribution strategy, TenderCuts currently serves its customers across Chennai, Hyderabad and Bangalore through its 50 ommi-channel stores.
Apoorva Sharma, partner, Stride Ventures, said, “TenderCuts has plans for expanding its reach pan-India and we are delighted to partner with them in their growth journey.This is a highly fragmented market where customer experience is inconsistent. TenderCuts’ omni-channel distribution strategy enables it to maintain low turnaround and deliver high quality, freshly cut meat.”
Since its commencement, Stride Ventures has focused on investing in across sectors. Having been one of the most active venture debt companies this year, the total commitments have crossed Rs 1,000 crore in portfolio companies across both its debt funds.