Abhi Ramesh
Founder and CEO, Misfits Market
Abhi Ramesh is making unloved products profitable. His startup Misfits Market finds customers for “ugly” organic produce helping customers save money, farmers increase sales and reduce food waste.
In 2018, Ramesh, 30, founded Misfits Market as a direct-to-consumer online grocery marketplace to let farmers and producers sell and deliver oddly shaped and surplus organic produce, meats, seafoods, dairy and other pantry staples that may otherwise go to waste.
Today its automated software prefills customer’s grocery carts with curated items personalized for each shopper thanks to a data science engine that analyzes past purchases. During a three-day shopping window, users can remove items and customize their carts. The order is then automatically charged and delivered straight to homes within 2-3 days.
Ramesh says Misfits Market’s customer-first focus was critical for its growth.
“We’re not trying to trick the customer,” Ramesh said at this year’s Forbes Under 30 Summit in Detroit on October 3. “That may work as a hack in the short run, but at some point, that’s not going to work, you’re going to get in a lot of trouble and also competitors are going to come and eat your lunch.”
Misfits Market hit unicorn status in September 2021 after investors gave the marketplace $225 million at a $2 billion valuation. Ramesh is using part of the haul to buy rivals—in September Ramesh announced he was acquiring rival Imperfect foods for an undisclosed amount.
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We're not trying to trick the customer.”
“We finally decided it was time to get married,” said Ramesh, who was a member of the 2020 Forbes Under 30 list. “Imperfect and Misfits have this shared vision on what we think we can do in the food supply chain and how we can also offer affordable access to consumers all over the country.”
The shared goal? To help eliminate food waste. The move will help Misfits Market reach profitability, Ramesh said. The online grocery platforms expect to earn almost $1 billion in revenue combined later this year.
Ramesh’s entrepreneurship journey had multiple stops. Prior to Misfits Market, Ramesh launched several startups such as TrendBent, Altair Prep and StoreTok.
“I don’t believe in having backup plans,” Ramesh said. “I take a step forward knowing that I have to make it work.”
30 Under 30 Class of 2020,
Social Entrepreneurs