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Elixiir Foods raises $9m to build urban grocery platform
3one4 Capital and Incubate Fund Asia back tech-led fresh food venture
DELHI: Elixiir Foods has secured $9 million in seed funding to build what it calls a destination-led, technology-driven grocery platform for urban India.
The round was led by 3one4 Capital, with participation from Incubate Fund Asia. The NCR-headquartered start-up plans to use the capital to launch its initial operations, strengthen its fresh sourcing and private label supply chains, expand its wholesale and distribution backbone, and build the technology required for a density-led city rollout.
Founded by Arvind Mediratta and Ambuj Narayan, Elixiir Foods is positioning itself as an “affordable premium” food destination. The idea is simple but ambitious: five-star quality at prices that still make sense to value-conscious Indian households.
The platform will span fresh produce, dairy, meat, poultry and seafood, alongside daily essentials such as flours, rice, spices, ancient grains, condiments, snacks, beverages, ready-to-eat and frozen foods. The emphasis is on fresh, wholesome and minimally processed products, including organic and pesticide- and antibiotic-free options.
Elixiir’s model blends farm-led sourcing with a high-trust private label engine, supported by a centralised wholesale and supply platform designed to make sourcing, distribution and replenishment more efficient. The company plans to serve dense urban micro-markets through flexible, partner-enabled and platform-led distribution formats.
The timing is deliberate. As India’s GDP per capita crosses the $2,500 mark, more than 150 million urban consumers are trading up from basic staples to healthier and higher-quality food. Elixiir is betting that this shift is not a fad but a structural change in how India eats.
“India is no longer looking only for basics,” said Elixiir Foods founder and chief executive Arvind Mediratta. “Consumers want healthier choices and authentic gourmet cuisines, not just from across India but from around the world. We are building a tech-native destination positioned as the most trusted platform for fresh, healthy and gourmet food.”
He added that pricing remains the decisive factor. “Indian customers across all socio-economic classes are highly value-conscious. That makes getting pricing right at the wholesale and distribution level central to our proposition. The total addressable market exceeds $100 billion and continues to grow.”
Mediratta brings 34 years of FMCG and retail experience, having held senior roles at Walmart, Metro AG, Procter and Gamble, Yum! Brands and Marico, across markets including India, China, Asean, the US and Australia.
Co-founder and chief operating officer Ambuj Narayan has over 25 years of experience in retail strategy and operations. Formerly chief executive of Taneira at Titan Company, he has also held leadership roles at Walmart and Metro, building and scaling multi-store networks across categories.
Together, the founders represent one of the more seasoned operating teams in Indian grocery retail, having collectively managed some of the country’s largest food and grocery businesses.
3one4 Capital investments team member Anand Batra said, the firm began working with Elixiir at the concept stage. “The most scalable customer platforms emerge when format innovation and operational discipline are integrated from the start. Elixiir reflects a first-principles approach, built on a tech-enabled wholesale foundation for long-term growth.”
Incubate Fund Asia founder and partner Nao Murakami, compared the opportunity to the rise of differentiated grocery chains in other markets. “When consumer tastes shift towards quality and trust, new formats emerge. We believe India is at that inflection point today,” he said, adding that the founders’ operating depth gives the company a strong base to scale.
If all goes to plan, Elixiir Foods hopes to turn the weekly grocery run into something more than a chore, and perhaps even a destination in its own right.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
