Tamil Nadu, India-based RuralBasket, an online and offline grocery provider, on Tuesday, announced that it has raised $5 million funding from Nativelead Foundation. The company has also announced the launch of its third retail store in Chennai and said that the capital will fuel its expansion to 22 retail outlets across the state.
Founded in 2019 by Palani Rajan (CEO) and Isaac Devaraj, RuralBasket connects farmers and farmer producer organisations directly with consumers.
The company says that it works towards doubling farmers’ income by working with 15 farmer producer organisations and 50 women self-help groups – cutting out middlemen fee. On similar lines, Palani Rajan, in a statement said,
“We started RuralBasket in 2017 with an aim of bringing farmers and consumers one step closer to each other. We want to be a one-stop shop that offers these products by cutting down middlemen and also empower consumers with the knowledge of produce that they consume,”
RuralBasket claims that its inventory currently encompasses over 500 products including millets, grocery and staples. The company competes with Chennai-based WayCool, Bengaluru-based Ninjacart.