Coimbatore-based sea food company, The Fish Chain, plans to raise one million dollars (approximately Rs. 6.8 crore) shortly and expand operations to Bengaluru and Hyderabad.
The firm received Rs. 1 crore seed funding from an NRI investor and started operations here a month ago. Majority of the investment is towards setting up the supply chain and the rest for marketing infrastructure. According to the promoters of The Fish Chain, Rajiv Jagadeesh and H. Naveen Chander, it has direct sourcing facility from about 20 harbours in the east and west coasts. A cold storage facility, of six tonne capacity, was inaugurated here on Friday.
“Coimbatore is a test market. We plan to expand to Bengaluru probably in April and go to Hyderabad in the third quarter. The focus is on land-locked areas,” said Mr. Chander. The company has eight outlets in the city and plans to open seven more. It also plans to launch order over phone (text message of WhatApp) shortly.
Home delivery is now available within 10 km radius.
The company is sourcing about 1.5 tonnes of fresh fish and sea food a week and these will be consolidated at the cold storage facility. The fresh fish is supplied to the customers within nine hours to 48 hours.
It is looking at Rs. 4 crore to Rs. 5 crore turnover in 2016-2017, they said.
The firm received Rs. 1 crore seed funding from an NRI investor and started operations here a month ago. Majority of the investment is towards setting up the supply chain and the rest for marketing infrastructure. According to the promoters of The Fish Chain, Rajiv Jagadeesh and H. Naveen Chander, it has direct sourcing facility from about 20 harbours in the east and west coasts. A cold storage facility, of six tonne capacity, was inaugurated here on Friday.
“Coimbatore is a test market. We plan to expand to Bengaluru probably in April and go to Hyderabad in the third quarter. The focus is on land-locked areas,” said Mr. Chander. The company has eight outlets in the city and plans to open seven more. It also plans to launch order over phone (text message of WhatApp) shortly.
Home delivery is now available within 10 km radius.
The company is sourcing about 1.5 tonnes of fresh fish and sea food a week and these will be consolidated at the cold storage facility. The fresh fish is supplied to the customers within nine hours to 48 hours.
It is looking at Rs. 4 crore to Rs. 5 crore turnover in 2016-2017, they said.