Tamil Nadu-based NativeSpecial, a foodtech startup has raised an undisclosed amount of funding from Indian Angel Network (IAN) and Madurai-based Native Angels Network (NAN), reported TOI.
Nagaraja Prakasam led this round on IAN’s behalf and with the investment, K. Premnath will join the board to provide strategic mentorship to the venture.
Founded in 2015 by Baskaran V, NativeSpecial retails traditional snacks and sweets on their online portal across India. The company works on a ‘stock-and-sale’ model, targeting the migrated population, and travellers going abroad, gift givers, food lovers, and corporate clients.
Speaking on the development, Baskaran Veluchamy, founder & CEO at NativeSpecial said, “Due to the positive response garnered during the trial execution of sale last festival season among South Indian NRIs in the US, the company senses a huge market potential among them and has already started working on tapping the same.”
The company’s portal has over 42 products with about 20 vendors on board and claims to have over 7,500 registered users on portal and 6,900 orders have been reportedly executed as on date. The raised capital will be utilised for expansion to newer markets.
Anand Thangaraj, the lead investor from NAN, said, “Native Special is a unique attempt in a way that it will revive the vanishing traditional cottage sector and thereby contributing to the rural economy. Further, it has a huge market potential with its ability to deliver on Pan India basis.”
Other startups in this segment include Yumlane, Sattviko, Tpot, etc.