Retail tech start-up NutriTap raises ₹4 crore lease finance from Grip Invest
Summary
The start-ups full-stack retail expertise includes smart kiosk technology and simplified distribution mechanism.Rajesh Kumar, co-founder of NutriTap, said, The deal stems from the fact that there is a massive growth potential in the unmanned retail space post pandemic. Machine leasing will help us to convert this business into Opex based model from capex one. Apart from Asset Light Model, leasing will also enable scalability into this business.NutriTap is building in-house, patented, retail kiosk technology, which includes machine design, payment hardware, backend software and data & business insight capabilities.It aims to enable smart retail across 800 locations in the next one year and in more than 2,500 locations in top metro cities in the next two years.Nikhil Aggarwal, founder and CEO, Grip invest, said, Globally the interactive kiosk retailing segment is expected to reach $32 billion by growing at a CAGR of 14 per cent by 2028. In India, the market is already at $7 billion driven by growing urbanisation and surging young population demands. It can meet different forms of capital requirements and unlock potential growth without having to worry about dilution.