Cold-pressed juice maker The Fresh Press has raised an undisclosed amount of equity funding from Gruhas Collective Consumer Fund (GCCF). The funding will be used to expand the firm’s presence and product offerings in nine cities, including Hyderabad, Bengaluru, and Delhi. The Fresh Press currently operates about 40 outlets, with 30 of them being ‘shop-in-shop’ stores located inside INOX theatres and Reliance Retail outlets. In addition to expanding its physical presence, the funds raised will also be utilized for hiring more employees and marketing activities. The company plans to expand its range of products to include those made with sun-dried fruits.
Nikhil Kamath, co-founder of Gruhas and stock brokerage firm Zerodha, expressed his support for the growing health consciousness among Indian consumers and stated his commitment to The Fresh Press. Kamath believes in supporting innovative homegrown entrepreneurs who are leading the charge in the health and consumer sectors. The Fresh Press aims to have a total of 150 stores, with about 90 of them being ‘shop-in-shop’ stores and the remaining being standalone outlets. This expansion is expected to be completed within 18 months.
Apart from expansion plans, The Fresh Press has seen a significant portion of its sales come from both retail outlets and online channels such as Swiggy and Zomato. The company achieved revenues of Rs 3.5 crore in FY23 and is expected to reach Rs 6.5 crore in revenue by the end of FY24. The Fresh Press aims to achieve a revenue of Rs 15 crore in FY25. The firm reported a store-level EBITDA margin of 15%, excluding corporate costs. Standalone stores have an average order value of Rs 200, while ‘shop-in-shop’ stores have an average order value of Rs 350-400. Although standalone stores have higher customer traffic, ‘shop-in-shop’ stores offer better profitability due to lower overhead costs.
In summary, The Fresh Press has secured equity funding from Gruhas Collective Consumer Fund to support its expansion plans and introduce new products to cater to the health-conscious Indian consumer market.
