The Fresh Press, a Mumbai-based cold-pressed juice brand, has secured a pre-series A round from Gruhas Collective Consumer Fund (GCCF), as revealed by co-founders Dino Morea and Mithil Lodha.
As of March this year, The Fresh Press has become part of the first cohort of Gruhas Gusto – a foodtech accelerator program by Gruhas, Jubilant Family Office, DLF Family Office, and Anthill Ventures.
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With the help of Gusto Accelerators and GCCF, we plan to increase our presence across the country. We believe current funding will enable us to expand our team as well,” said Morea.
With a projected annual growth rate of 7.54%, the cold-pressed juices industry is projected to reach $1.5 billion globally by 2030. Because of rising retail footprint and consumer demand for nutrient-dense fruit juices, the Indian market is flourishing, with a startling 25.43 percent growth rate projected between 2021 and 2028 “. Lodha continued.
The co-founders declined to disclose the amount the brand has raised when questioned.
At present, the brand exclusively conducts online operations in Mumbai through platforms like Swiggy and Zomato. However, it is set to expand its reach to Hyderabad, Bangalore, Chennai, and Delhi in the near future. With a presence in 9 cities, the brand boasts a total of 36 stores, including 24 shop-in-shops and 12 high-street stores.
Additionally, the brand has formed strategic partnerships with PVR-INOX and Reliance, enhancing its market presence and expanding accessibility to a broader audience.
“We want to open 150 stores in the next 18 months, of which 120 will be shop-in-shops and 30 will be high-street stores,” revealed Lodha.
The shop-in-shop stores of the brand cover an area of 100 square feet, while the high-street stores span 250 square feet.
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“The capital expenditure required to open a shop-in-shop is approximately INR 5–6 lakh, while the high-street business requires an investment of INR 15 lakh. Shop-in-shop is currently a better choice for us to plug and play,” said Lodha.
Currently, the average order value for the brand is INR 300 at the shop-in-shops and INR 200 at the high-street stores.
During this fiscal year, the brand’s goal is to extend its market reach to cities including Hyderabad, Bangalore, and Chennai, as well as targeting additional regions such as Gujarat, Rajasthan, and Delhi.
“Our plan calls for additional growth into India over the next three years, with a particular emphasis on tier II and tier III cities,” said Lokha.
“Moving forward, we are also strategizing to collaborate with a network of gyms and fitness establishments,” Morea added.
The brand generated revenue of INR 3 crore in FY 22-23, which increased to INR 7.5 crore by the end of the last fiscal year. This fiscal year, it aims to reach INR 15 crore in revenue.
As of right now, our EBITDA is 10%,” the co-founders asserted.
Mithil Lodha and Rahul Jain co-founded the brand in 2019, later joined by actor-entrepreneur Dino Morea, who became an investor and co-founder.
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