Millet-based snack brand Troo Good has secured INR 72 crore (around $8.6 million) in funding from Oaks Asset Management, with additional participation from Puro Wellness and V Ocean Investments,͏͏ as͏͏ reported͏͏ by͏͏ Entrackr.
The͏͏ board͏͏ at͏͏ Troo͏͏ Good͏͏ has͏͏ approved͏͏ a͏͏ resolution͏͏ to͏͏ issue͏͏ 10,176͏͏ equity͏͏ shares͏͏ to͏͏ raise͏͏ the͏͏ aforementioned͏͏ sum,͏͏ as͏͏ indicated͏͏ in͏͏ its͏͏ regulatory͏͏ filing͏͏ from͏͏ the͏͏ Registrar͏͏ of͏͏ Companies.
Key͏͏ Investments͏͏ from͏͏ Oaks,͏͏ Puro,͏͏ and͏͏ V͏͏ Ocean:
Existing͏͏ investor͏͏ Oaks͏͏ Asset͏͏ Management͏͏ contributed͏͏ INR͏͏ 37͏͏ crore,͏͏ while͏͏ V͏͏ Ocean͏͏ Investments͏͏ and͏͏ Puro͏͏ Wellness͏͏ invested͏͏ INR͏͏ 10͏͏ crore͏͏ and͏͏ INR͏͏ 25͏͏ crore,͏͏ respectively.͏͏ The͏͏ filing͏͏ also͏͏ noted͏͏ that͏͏ the͏͏ company͏͏ will͏͏ use͏͏ these͏͏ funds͏͏ to͏͏ meet͏͏ its͏͏ working͏͏ capital͏͏ requirements.
Continue͏͏ Exploring:͏͏ Troo Good targets͏͏ INR͏͏ 100͏͏ Crore͏͏ revenue͏͏ as͏͏ it͏͏ expands͏͏ production͏͏ and͏͏ aims͏͏ for͏͏ pan-India͏͏ presence
Total͏͏ Funding͏͏ Reaches͏͏ INR͏͏ 132͏͏ Crore:
To͏͏ date,͏͏ the͏͏ company͏͏ has͏͏ secured͏͏ roughly͏͏ INR͏͏ 132͏͏ crore,͏͏ including͏͏ INR͏͏ 55͏͏ crore͏͏ from͏͏ a͏͏ Series͏͏ A͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Oaks͏͏ Management͏͏ in͏͏ November͏͏ 2021.͏͏ According͏͏ to͏͏ the͏͏ startup͏͏ data͏͏ intelligence͏͏ platform͏͏ TheKredible,͏͏ Troo͏͏ Good͏͏ is͏͏ expected͏͏ to͏͏ be͏͏ valued͏͏ at͏͏ INR͏͏ 322͏͏ crore,͏͏ or͏͏ $38͏͏ million,͏͏ following͏͏ the͏͏ allotment.
Following͏͏ the͏͏ recent͏͏ funding,͏͏ Oaks͏͏ Asset͏͏ Management͏͏ will͏͏ hold͏͏ a͏͏ substantial͏͏ 28.89%͏͏ of͏͏ the͏͏ capital,͏͏ while͏͏ Puro͏͏ Wellness͏͏ and͏͏ V͏͏ Ocean͏͏ Investments͏͏ will͏͏ have͏͏ stakes͏͏ of͏͏ 7.75%͏͏ and͏͏ 14.28%,͏͏ respectively.
Founded͏͏ in͏͏ 2018͏͏ by͏͏ Raju͏͏ Bhupati,͏͏ Troo͏͏ Good͏͏ is͏͏ a͏͏ Hyderabad-based͏͏ company͏͏ that͏͏ offers͏͏ a͏͏ range͏͏ of͏͏ millet-based͏͏ snacks,͏͏ including͏͏ chikkis,͏͏ protein͏͏ bars,͏͏ and͏͏ nutri͏͏ bars.͏͏ The͏͏ company͏͏ claims͏͏ to͏͏ sell͏͏ more͏͏ than͏͏ 2͏͏ million͏͏ millet͏͏ chikkis͏͏ and͏͏ other͏͏ millet͏͏ snacks͏͏ every͏͏ day.
Financial͏͏ Performance:
Although͏͏ the͏͏ firm͏͏ has͏͏ not͏͏ yet͏͏ disclosed͏͏ its͏͏ FY24͏͏ figures,͏͏ Troo͏͏ Good͏͏ achieved͏͏ a͏͏ modest͏͏ 7%͏͏ revenue͏͏ growth,͏͏ reaching͏͏ INR͏͏ 52.7͏͏ crore͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ ending͏͏ in͏͏ March͏͏ 2023.͏͏ Furthermore,͏͏ effective͏͏ cost͏͏ management͏͏ allowed͏͏ Troo͏͏ Good͏͏ to͏͏ attain͏͏ profitability͏͏ during͏͏ that͏͏ period.
It͏͏ competes͏͏ with͏͏ Slurrp͏͏ Farm,͏͏ which͏͏ secured͏͏ $7.2͏͏ million͏͏ in͏͏ funding͏͏ in͏͏ January͏͏ of͏͏ this͏͏ year.
