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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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Sapphire Foods FY26 revenue rises to Rs 3,125 crore, posts loss
Q4 revenue at Rs 792 crore, FY26 loss at Rs 32 crore amid cost pressures.
MUMBAI: If growth is on the menu, profitability seems to have taken a brief detour. Sapphire Foods India reported a steady rise in topline for FY26, even as rising costs weighed on profitability. Revenue from operations grew to Rs 3,125 crore for the year ended March 31, 2026, up from Rs 2,882 crore in FY25. However, the company swung to a loss, reporting a net loss of Rs 32 crore for FY26, compared to a profit of Rs 17 crore in the previous year. Total income for the year stood at Rs 3,153 crore, while total expenses climbed to Rs 3,167 crore, reflecting pressure across key cost heads.
In the March quarter, revenue came in at Rs 792 crore, compared to Rs 711 crore in the same period last year. The company reported a quarterly net loss of Rs 13 crore, against a profit of Rs 2 crore a year earlier.
Cost pressures remained visible across operations. Material costs rose to Rs 995 crore for FY26, while employee expenses increased to Rs 428 crore. Other expenses, the largest component, stood at Rs 1,229 crore, underscoring the impact of store operations and expansion-related spends.
Depreciation and amortisation expenses also climbed to Rs 392 crore for the year, reflecting continued investments in store infrastructure and growth.
At the operating level, the company reported a loss before tax of Rs 37 crore for FY26, compared to a profit of Rs 23 crore in FY25. Exceptional items added Rs 24 crore to the cost burden during the year.
On the balance sheet, total assets rose to Rs 3,256 crore as of March 31, 2026, up from Rs 3,041 crore a year earlier, indicating ongoing expansion. Net worth stood at Rs 1,389 crore.
Despite profitability pressures, operating cash flow remained resilient at Rs 507 crore, highlighting underlying business strength and demand stability.
The numbers paint a familiar picture in the quick-service restaurant space, growth continues to be served hot, but margins are still finding their footing.
