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Mumbai-based cold-pressed juice brand, The Fresh Press has raised a pre-series A round from Gruhas Collective Consumer Fund (GCCF), co-founders Dino Morea and Mithil Lodha told ETRetail.
As of March this year, the cold-pressed juice brand is also a part of the first cohort of Gruhas Gusto – a foodtech accelerator program by Gruhas, Jubilant Family Office, DLF Family Office, and Anthill Ventures
“With the support of GCCF and Gusto Accelerators, we plan to expand our footprint nationwide. We anticipate that the current funding will also help us in building a bigger team,” stated Morea.
“Globally, the cold-pressed juices market is expected to reach $1.5 billion by 2030, growing at a rate of 7.54 per cent annually. In India, the market is booming with a staggering 25.43 per cent growth rate from 2021 to 2028, fueled by increasing retail presence and consumer demand for nutritious fruit juices,” added Lodha.
When asked about how much has the brand raised, the co-founders denied sharing.
Currently, the brand operates online operations only in Mumbai via Swiggy and Zomato and will be launching it soon in Hyderabad, Bangalore, Chennai, and Delhi as well and it boasts over 36 stores in 9 cities comprising of 24 shop-in-shops and 12 high-street stores.
The brand has also strategically partnered with PVR-INOX, and Reliance to strengthen its market presence and accessibility to a larger audience.
“In the next 18 months, we plan to have 150 stores out of which 120 will be shop-in-shops and 30 will be high-street stores,” asserted Lodha.
The shop-in-shop stores of the brand span across 100 sq.ft and a high-street store across 250 sq.ft.
“The CAPEX involved in opening a shop-in-shop stores stands at Rs 5-6 lakh and for the high-street store, it stands at Rs 15 lakh. At present, for us to plug and play shop-in-shop is a better option,” stated Lodha.
At present, the average order value for the brand at the shop-in-shops stands at Rs 300 and it is Rs 200 at the high-street stores.
This fiscal, the brand aims to expand its market presence in cities such as Hyderabad, Bangalore, and Chennai, while also targeting other regions like Gujarat, Rajasthan, and Delhi.
“In the next three years, we plan to penetrate deeper into India into tier II and tier III cities,” Lodha said.
“Going ahead, we are also planning to partner with a chain of gyms and fitness institutions,” added Morea.
The brand, which clocked Rs 3 crore in revenue in FY 22-23, closed the last fiscal at Rs 7.5 crore and is aiming for Rs 15 crore this fiscal.
“Currently, our EBITDA stands at 10 per cent,” asserted co-founders.
The brand was co-founded by Mithil Lodha and Rahul Jain in 2019, where actor-entrepreneur Dino Morea came on board as both an investor and co-founder.
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