Bangalore-based seed-to-table organic product firm Lumiere Organic Venture Pvt Ltd has raised Series A funding from 20 undisclosed investors in a crowdsourcing exercise. The financial data of the funding round has not been disclosed.
As per the company, the raised capital will be used for buying more land for organic farming, marketing expenses, opening more physical outlets, scaling up its online shopping portal and also its restaurant division.
Founded in 2002 by Manjunath Panickaparambil and Ambrose Kooliath, Lumiere runs an organic farming venture. Its farm and bakery products are available in self-branded physical stores besides its e-stores. Initially set up in Kochi, Lumiere later shifted its base to Bangalore to leverage the growing demand for organic products in the latter.
Lumiere has two physical stores in Bangalore besides an online store where customers can place orders and get them delivered. By the end of 2016, Lumiere plans to open five more stores.
“We want to scale up more quality-wise as opposed to volume and size,” said Panickaparambil, adding that the company is expected to break even in the next three to four months.
The company is competing with players like JoybyNature and Naturally Yours.