Millet-based snack brand Troo Good has raised $9 million (INR 75 crore) in a new funding round led by Puro Wellness, with participation from existing investors Oaks Asset Management and V Ocean Investments.
Expansion͏͏ Plans:
The͏͏ Hyderabad-based͏͏ company͏͏ intends͏͏ to͏͏ utilise͏͏ the͏͏ new͏͏ capital͏͏ to͏͏ enhance͏͏ its͏͏ infrastructure,͏͏ broaden͏͏ its͏͏ distribution͏͏ network͏͏ throughout͏͏ India,͏͏ and͏͏ prioritise͏͏ the͏͏ development͏͏ of͏͏ millet-based͏͏ products.
Founded͏͏ in͏͏ 2018͏͏ by͏͏ Raju͏͏ Bhupati,͏͏ Troo͏͏ Good͏͏ focuses͏͏ on͏͏ producing͏͏ and͏͏ selling͏͏ millet-based͏͏ snacks,͏͏ such͏͏ as͏͏ chikkis,͏͏ protein͏͏ bars,͏͏ and͏͏ nutri͏͏ bars.
Bhupati͏͏ stated,͏͏ “This͏͏ funding͏͏ will͏͏ enable͏͏ us͏͏ to͏͏ enhance͏͏ our͏͏ infrastructure,͏͏ broaden͏͏ our͏͏ distribution͏͏ network͏͏ across͏͏ India,͏͏ and͏͏ concentrate͏͏ on͏͏ innovative͏͏ millet-based͏͏ products.͏͏ We͏͏ are͏͏ dedicated͏͏ to͏͏ making͏͏ healthy,͏͏ affordable͏͏ snacks͏͏ accessible͏͏ to͏͏ everyone͏͏ and͏͏ are͏͏ enthusiastic͏͏ about͏͏ the͏͏ opportunities͏͏ that͏͏ lie͏͏ ahead.”
Continue͏͏ Exploring:͏͏ Troo Good targets͏͏ INR͏͏ 100͏͏ Crore͏͏ revenue͏͏ as͏͏ it͏͏ expands͏͏ production͏͏ and͏͏ aims͏͏ for͏͏ pan-India͏͏ presence
Troo Good’s͏͏ Financial͏͏ Growth:
This͏͏ latest͏͏ round͏͏ raises͏͏ Troo͏͏ Good’s͏͏ total͏͏ funding͏͏ to͏͏ around͏͏ INR͏͏ 130͏͏ crore.͏͏ The͏͏ company͏͏ had͏͏ earlier͏͏ secured͏͏ INR͏͏ 55͏͏ crore͏͏ in͏͏ a͏͏ Series͏͏ A͏͏ round͏͏ in͏͏ 2021.͏͏ Troo͏͏ Good͏͏ has͏͏ consistently͏͏ been͏͏ profitable,͏͏ demonstrating͏͏ year-on-year͏͏ revenue͏͏ growth͏͏ while͏͏ competing͏͏ in͏͏ the͏͏ highly͏͏ competitive͏͏ FMCG͏͏ market.
Vivek͏͏ Anand͏͏ PS,͏͏ Partner͏͏ at͏͏ Oaks͏͏ Asset͏͏ Management,͏͏ remarked,͏͏ “Troo͏͏ Good͏͏ has͏͏ consistently͏͏ provided͏͏ value͏͏ year͏͏ after͏͏ year,͏͏ demonstrating͏͏ the͏͏ robustness͏͏ of͏͏ its͏͏ business͏͏ model͏͏ and͏͏ the͏͏ exceptional͏͏ leadership͏͏ of͏͏ founder͏͏ Raju͏͏ Bhupati.”
Troo͏͏ Good͏͏ asserts͏͏ that͏͏ it͏͏ sells͏͏ more͏͏ than͏͏ 3͏͏ million͏͏ units͏͏ daily͏͏ of͏͏ its͏͏ popular͏͏ millet͏͏ chikkis͏͏ and͏͏ other͏͏ millet͏͏ snacks.͏͏ For͏͏ the͏͏ fiscal͏͏ year͏͏ ending͏͏ March͏͏ 2023,͏͏ the͏͏ company͏͏ reported͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 52.7͏͏ crore,͏͏ marking͏͏ a͏͏ 7%͏͏ increase.
Rising͏͏ Interest͏͏ in͏͏ Healthy͏͏ Snacking:
India’s͏͏ healthy͏͏ snacking͏͏ sector͏͏ has͏͏ been͏͏ attracting͏͏ significant͏͏ interest͏͏ from͏͏ investors͏͏ for͏͏ quite͏͏ a͏͏ while.
For͏͏ example,͏͏ last͏͏ month,͏͏ fresh͏͏ fruits͏͏ and͏͏ vegetables͏͏ platform͏͏ Pluckk͏͏ acquired͏͏ the͏͏ D2C͏͏ nutrition͏͏ brand͏͏ Upnourish͏͏ for͏͏ $1.4͏͏ million͏͏ to͏͏ strengthen͏͏ its͏͏ nutrition͏͏ offerings.͏͏ Earlier͏͏ that͏͏ same͏͏ month,͏͏ D2C͏͏ bread͏͏ brand͏͏ The͏͏ Health͏͏ Factory͏͏ raised͏͏ $3.5͏͏ million͏͏ in͏͏ a͏͏ seed͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Peak͏͏ XV͏͏ Partners’͏͏ accelerator͏͏ programme,͏͏ Surge.
Earlier͏͏ this͏͏ year,͏͏ Slurrp͏͏ Farm,͏͏ a͏͏ brand͏͏ specialising͏͏ in͏͏ snacks͏͏ for͏͏ children,͏͏ raised͏͏ $7.2͏͏ million͏͏ from͏͏ investors͏͏ such͏͏ as͏͏ Fireside͏͏ Ventures͏͏ and͏͏ Raed͏͏ Capital.
The͏͏ Indian͏͏ D2C͏͏ market͏͏ is͏͏ anticipated͏͏ to͏͏ hit͏͏ $100͏͏ billion͏͏ by͏͏ 2025.͏͏ Additionally,͏͏ forecasts͏͏ suggest͏͏ that͏͏ the͏͏ food͏͏ and͏͏ beverage͏͏ (F&B)͏͏ industry͏͏ will͏͏ expand͏͏ to͏͏ $691.47͏͏ billion͏͏ by͏͏ 2030.
