E-commerce start-up Mixe is looking to source $100 million worth of edibles from India over the next 18 months to sell to South Asian expat communities across Europe, said a senior official.
Jagan Vysyaraju, co-founder and CEO of Antler-backed venture capital startup, at Vivatech 2022, said the company has partnered with 12 brands, including MTR, India Gate, Bikaji, Britannia and 4700 BC, to source products and sell them to expatriates in Europe. countries.
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“We started our operations 14 months ago. Currently, we are sourcing multi-million dollar edibles from South Asian countries, most of them from India.”
“We are looking to increase our partnership with more brands in India. Over the next three months, we are looking to partner with over 80 brands from the Indian subcontinent, 50 of which will come from India,” Vysyaraju said.
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He said the startup helps brands reach the European market and reduces the burden of building export infrastructure.
“We are looking to source $125-130 million worth of edibles from the Indian subcontinent, of which approximately $100 million will come from India.”
“We will soon enter white labeling which will provide us with greater scale and greater participation of Indian companies in the European market,” Vysyaraju said.
Mixe has also received financial support from Ventures Together and Kima Ventures.
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“We are closing our seed funding round by September to ramp up our operations. We have also received funding from some other high profile investors.”
It’s in the low single digits of $1 million, but it can’t be released until after due diligence is completed in September,” he added.
He also said the company would make a foray into the B2B segment by September with products sourced from the Indian subcontinent.
“We have established a product market suitable for the B2B segment which is untapped and has immense potential for growth. We are conducting pilot projects in France and Belgium. We will start full-fledged operation from September,” Vysyaraju said. .
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Post expires at 11:52am on Wednesday June 29th, 2022