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Funding

Smart Retail channel startup NutriTap raises Rs 4 Cr lease finance from Grip Invest.

2 Mins read

Retail tech start-up NutriTap Technologies has announced that it has signed up with Grip Invest for a leased financing deal of INR 4 Crore.

As part of the deal, Grip Invest will give its retail investor’s users an opportunity to invest in the retail space by leasing assets such as smart retail kiosks and other machines needed in running an unmanned 24/7 retail store.

NutriTap is currently operating over 250 smart retail kiosk locations across the tier 1 metro cities of India and with Grip, the plan is to expand it to 12 cities by end of this year. Founded in 2018 by IIT Kharagpur alumni Rajesh Kumar and Priyank Tewari, NutriTap creates alternate retail channels for brands to do Direct-to-Customer (D2C) unmanned Retail.

The startup’s full-stack retail expertise includes smart kiosk technology and a simplified distribution mechanism.

Talking about the deal, Rajesh Kumar, co-founder of NutriTap said, “During challenging times when funding winter is looming large, raising debt for machine leasing speaks volumes about the confidence investors such as Grip Invest have in us. The deal also stems from the fact that there is massive growth potential in the unmanned retail space post-pandemic. “Machine leasing will help us to convert this business into Opex based model from capex one.  Apart from Asset Light Model, leasing will also enable scalability into this business.”

In India, kiosk-based retail is now growing rapidly as the new mode of retailing. NutriTap is building the technology to address this alternate channel market which stands at $7 billion where there are only a few players to create efficient unmanned retailing infrastructure.

NutriTap is addressing the issue through building in-house, patented, retail kiosk technology, which includes machine design, payment hardware, backend software, and data & business insight capabilities.

NutriTap aims to enable smart retail across 800 locations in the next one year and more than 2,500 locations in the top metro cities of India in the next two years.
 
Talking about the deal, Nikhil Aggarwal, founder, and CEO, of Grip invest said, “Globally the interactive kiosk retailing segment is expected to reach $32 billion by growing at a CAGR of 14% by 2028. in India, the market is already at $7 billion driven by growing urbanization and surging young population demands. Lease Financing plays an important role in enabling this growth. It can meet different forms of capital requirements and unlock potential growth without having to worry about dilution.

About Grip:

The grip is a transparency-focused digital investment platform that enables Indians to reimagine wealth creation, by curating non-market linked alternative investment opportunities.

Investors can start their journey with Grip by choosing to invest as little as INR 10,000 and diversify their portfolio beyond stocks, fixed deposits, and gold.
 
Grip, co-founded by Nikhil Aggarwal,  Vivek Gulati, and  Aashish Jindal in June 2020, has become one of the fastest-growing digital platforms in India for non-market linked alternative investments. Grip has enabled INR 250 crores+ in investment opportunities with 80+ well-regarded investee partners (like Udaan, Furlenco, Captain Fresh, BlueStone, and Blue Tokai); these opportunities have attracted more than 300,000 registered investors.

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