D2C service brand F5, which targets consumers’ daily workplace needs, on Monday announced to have raised pre-Series A funding led by Auxano Capital and other investors including Huddle, LetsVenture, Venture Catalyst.
F5 is building a unique hyper-local ecosystem around the daily workplace needs of the consumer, a market which is pegged to be of $100 billion market size.
“The Indian consumer is becoming brand conscious, service focused and with COVID, hygiene conscious too. The existing daily workplace market is marred by product and service inefficiencies. We believe the market is massive and ripe for disruption,” said Raghav Arora, co-founder, F5.
“It was interesting to note the swiftness with which the team was able to regain the lost momentum due to lockdown as the market opened up. This displayed the energy and zeal of the founders moving one-way - upwards and the dependencies of their clients for the product. As F5 Refreshment moves forward organizing a mass unorganized workplace refreshment market, Auxano Capital is proud to be a part of this journey and is looking forward to an interesting time ahead,” shared Auxano Capital.
F5 Refreshment stands with ARR INR 8 crore with more than 10,000 daily customers. The company has seen an exponential growth of eightfold in business subscribers post-COVID. It is present in 30 live markets in 2 cities (Delhi NCR & Lucknow) with an 80 per cent retention rate, and planning to expand in all metro cities in the next 36 months. With the current use of funds, the company expects to clock INR 15 Cr ARR with 50 branded stores and expanding its portfolio to digital as well as non-digital offerings. F5 had earlier closed INR 2.8 crore raise in May 2020.
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