Wednesday, June 19, 2024

Food Square Secures Funding from High-End Investors

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Food Square Co-founders Lalit Jhawar and Mayank Gupta have announced an undisclosed funding round from notable investors, including supermodels Ujjwala Raut and Vartika Singh, designer Payal Singhal, digital creator Simone Khambatta, and luxury fashion house Purple Style Labs, among other high net worth individual angel investors.

Commenting on the infusion of new funds, Lalit Jhawar and Mayank Gupta, Co-founders of Landcraft Retail, stated, “Landcraft Retail is an extension of our farming business, Trueganic by Landcraft Agro. Through Trueganic, we’ve supplied fresh vegetables and fruits to over 200 supermarkets and gourmet stores across West and South India. Expanding into retail was a natural progression for us. With our sights set on amassing more than 200,000 customers, we aim to reach an annual revenue milestone of 300 crore in the next three years and add over 20,000 SKUs across our stores. This is just the beginning, and we remain committed to bringing global food experiences to India. These investments underscore our dedication to advancing and excelling in the retail landscape.”

Landcraft Retail debuted its inaugural store, Food Square, in Bandra West in November 2023. Spanning 25,000 square feet across four floors, Food Square aspires to become the ultimate destination for gourmet connoisseurs. It features an in-house bakery, an exclusive truffle section, an extensive selection of over 350 cheese varieties, and a café. Additionally, Food Square offers a spice mill, a salad bar, and a specialty pet store, aiming to provide a world-class shopping experience focused on offline retail.

Having successfully served over 30,000 customers in the first quarter since its launch, Food Square is poised for continued growth. With plans to gradually expand its presence in Mumbai and beyond, the brand is committed to extending its reach and enhancing its offerings.

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