Paris [France], June 21 (ANI): E-commerce startup Mixe.Store plans to source edible items worth $100 million from India in the next 18 months to sell it to South Asian expatriate communities across Europe, the company's top executive has said.
Venture capitalist firm Antler-backed startup's Co-founder and CEO Jagan Vysyaraju in an exclusive interview with ANI said that the company partnered with 12 brands including MTR, India Gate, Bikaji, Britannia, 4700 BC etc to source product from them and sell them to expats in European countries.
Mixe.Store is a groceries e-commerce company started by the Indian entrepreneur in Europe.
"We started operations 14 months ago. At present we are sourcing edibles in single digit in USD millions from South Asian countries with most of it coming from India. We are looking to increase our partnership with more brands in India. In the next three month we are looking to partner with over 80 brands in the Indian subcontinent out of which 50 will be from India," Vysyaraju said.
He said that the start-up is helping the brands reach the European market and reducing the burden of building export infrastructure.
"We are looking to source USD 125-130 million worth of edibles from the Indian subcontinent out of which about USD 100 million will come from India. We will enter into white labels soon which will provide us more scale and higher participation from firms from India in the European market," Vysyaraju said.
Mixe has received fund support from Ventures Together and Kima Ventures.
"We are closing our seed funding round by September to scale up our operations. We have received the funds from some other leading investors as well. It is in single digit USD million but it can be disclosed only after due diligence is completed in September," Vysyaraju said.
He said that the company will foray in the B2B segment by September with products that are sourced from the Indian subcontinent.
"We have established a product market fit for the B2B segment which is untapped and has immense potential growth. We are running pilots in France and Belgium. We will start full fledged operation from September," Vysyaraju said.
The company does not operate in Switzerland and Finland, he said. (ANI)