Gangtok: Former Indian football team captain Bhaichung Bhutia and several angel investors have invested in a Gangtok, Sikkim-based social-commerce startup NE Origins, at a $2 million valuation.
The young startup was originally set up to support local entrepreneurs who were facing a muted tourist season brought on by the COVID pandemic-induced lockdowns.
“I am excited about Rewaj -- referring to NE Origins founder Rewaj Chettri -- and his team and was drawn in by the larger vision they shared about NE Origins and the role it could play in the Indian ecosystem. As a longstanding public representative of the North East on the national and international stage, I believe that Rewaj’s venture can help to mainstream our heritage, culture, and history through his commitment to thoughtful community commerce,” Bhutia said in a statement.
The company said that within a few months of its inception, hundreds of local businesses and producers were onboarded on the platform where they received critical support across marketing, packaging, and distribution-building capacity to deliver their certified organic and indigenous products across Indian and international markets.
NE Origins aims to make unique products sourced from North East India household names. “From products like Naga King Chili (world’s 3rd hottest chilli) from Nagaland, black rice from Manipur, 100 percent original Darjeeling Tea, to pure Lakadong turmeric from Meghalaya, and original Nagaland Forest honey they aim to provide a unique buying experience for customers across India,” it said.
The firm is the brainchild of Rewaj Chettri, a first-generation entrepreneur with close to 30+ ventures under his belt.
”With this strategic investment and mentorship, we will be looking to build a strong online presence and improve the manufacturing and distribution network for the products from seed to store across India- looking to disrupt the nearly $6 bn Northeast region consumer economy and larger mainland markets,” Chettri said in the statement.
With the current fund-raise, the startup said that it has become one of the first ventures in Sikkim to ever raise funding and credits this accelerated growth and the historic fundraising to the company’s selection in a special incubation program by ALSiSAR Impact, a leading double bottom line and frontier market incubator across South Asia.
“We see NE Origins as a powerful example of an impact-driven and scalable venture from the North East that highlights the positive effects of entrepreneurship in the region through its unique social commerce platform,” Anuj Sharma, founder of Alsisar Impact said.
FIRST Business Portal addressing the potential of business capability of North East Region.
