The funding round was led by Inflection Point Ventures and Venture Catalysts
Bengaluru: Online paan company Betel Leaf has raised $1.2 million in a bridge round led by Inflection Point Ventures (IPV) and Venture Catalysts, the paan retailer said in a press release on Thursday.
The funding will be utilised to expand its offline and online presence from 45 kitchens to 100 kitchens in India and overseas within the next two years. It will also enable the development of new automation technology to enhance consistency and increase production volume and range, including products like the ARID paan, an improved version of paan which would have a shelf life of upto nine months
“Betel Leaf is addressing this problem head-on by delivering hygienic, fresh, and authentic paan with a variety of flavours right to our doorstep. IPV supports its insights to solving a very unique problem and trusts their commitment to quality,” said Ivy Chin, partner at Inflection Point Ventures.
India’s first Food Safety and Standards Authority of India (FSSAI)-certified paan company Betel Leaf was founded in July 2019 by Prem Rheja and Payal Raheja.
After establishing a presence in 20 cities across 12 states and operating over 45 kitchens, the company is now seeking to expand its retail footprint by partnering with Reliance Retail, Spar and other retail chains, facilitating account sign-ups across its entire network.
Currently, Betel Leaf exports across Singapore, Malaysia, Nairobi, UK and USA.
The current market size of the paan industry is estimated to be between Rs 3,000 to 4,000 crore. Industry experts are anticipating a growth rate of at least 100% year on year, the release added.
