The food and beverage (F&B) market in India has been steadily expanding over the years and is on track to reach a staggering valuation of $156.25 billion by 2026. Alongside homegrown players, numerous foreign brands have also discovered ample opportunities in India’s thriving market.
Throughout the past year, numerous Indian companies have established collaborations with foreign counterparts, aiming to introduce fresh food and beverage (F&B) brands into India. One of the latest examples involves the lifestyle division of Reliance Industries, Reliance Brands, which has joined forces with the renowned international coffee chain Pret A Manger, with the objective of introducing the brand to the Indian market.
In recent years, a wave of direct-to-consumer (D2C) startups has emerged, entering the F&B industry and challenging established players. These startups have made a significant impact across various F&B categories, ranging from kids’ snacks to alcoholic beverages to ready-to-cook food.
Let’s explore a range of emerging F&B startups that are determined to shake up the Indian market.
F&B Direct-to-Consumer (D2C) Brands Revolutionizing the Indian Consumer Market
- WickedGud
- Founded In: 2021
- Founders: Bhuman Dani, Soumalya Biswas, Monish Debnath
- Investors: Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani, Priyank Shah, Ravi Shroff, Ravi Nigam, Ashwini Deshpande, Jorge Fernandez Vidal, AkshayGurnani, Titan Capital, Archana Priyadarshini, Gaurav Ahuja, Amit Chaudhary, Aman Gupta, Sameer Mehta, Harsh Vakharia, Jorge Fernandez Vidal
- Headquarters: Mumbai
WickedGud specializes in the sale of pasta, noodles, malted beverages, and various other snacks, which are available for purchase through its website and various ecommerce marketplaces. As stated on its website, all of WickedGud’s products are completely vegan and incorporate plant-based protein as an essential component.
In April, WickedGud successfully raised $1 million in funding from a group of investors including Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani and Priyank Shah from Renee Cosmetics, Ravi Shroff from Excel Industries, Ravi Nigam from Tasty Bite, Ashwini Deshpande from Elephant Design, and others.
Before that, WickedGud had successfully raised $340,000 in its pre-seed funding round, with investments coming from Titan Capital, Archana Priyadarshini from Point One Capital, Gaurav Ahuja from Chrys Capital, Amit Chaudhary from Lenskart, and several others.
The startup specifically caters to customers within the age bracket of 26 to 42 years, aiming to capture their preferences and needs. It states that the average order value of its customers amounts to INR 450.
- DropKaffe
- Founded In: 2019
- Founders: Rakshit Kejriwal, Lakshmi Dasaka, Chaitanya Chitta
- Investors: Fireside Ventures, Brigade Group, GrowthStory, Sidharth Pansari, Nirupa Shankar, Hitesh Oberoi, Kanwaljit Singh, Apurva Salarpuria, Manish Singhal P39 Capital
- Headquarters: Bengaluru
DropKaffe, a beverage startup, offers a range of products under the brand SLAY Coffee. These include ready-to-drink cold coffee, fresh coffee beans, coffee powders, and gourmet foods. The company sells these products through its website as well as its own chain of cafes.
As stated on its LinkedIn page, the startup has established a widespread presence in more than 160 locations across 19 cities in India.
Back in 2016, the parent company of the startup successfully secured $550,000 in a funding round. The round was led by Kanwaljit Singh from Fireside Ventures, with participation from Srini Anumolu and Meena Ganesh of GrowthStory, Apurva Salarpuria from Salarpuria Group, Sidharth Pansari from Primac, Rahul Gidwani, Hitesh Oberoi from Naukri, Nirupa Shankar from Brigade Group, and Bhupen Shah, among others.
The venture proudly serves a customer base of over 500,000 across 20 cities throughout the country.
- TagZ Foods
- Founded In: June 2019
- Founders: Anish Basu Roy, Sagar Bhalotia
- Investors: 9Unicorns, Umang Bedi, Venture Catalysts, Dexter Angels, Agility Ventures, Arjun Vaidya, Dharamveer Chouhan, Ashneer Grover, Namitha Thapar
- Headquarters: Bengaluru
TagZ is involved in the production and distribution of various items such as chips, chocolates, dips, and chees dribblin. Notably, the company recently seized an opportunity to present its products and business concept to investors on the renowned television show Shark Tank India.
In addition, TagZ successfully raised funds through a consumer stock option plan (CSOP), allowing customers to invest a minimum of INR 5,000 in exchange for equity. The response to the CSOP exceeded expectations, as it was oversubscribed by an impressive 250%.
Before this milestone, TagZ secured an undisclosed sum of investment during its pre-Series A funding round. Prominent investors in this round included Venture Catalysts, Dharamveer Chouhan from Zostel, Dhruv Toshniwal from The Pant Project, and Loy Halder from Goldman Sachs, among other notable contributors.
During the fiscal year 2021-22, TagZ achieved a revenue of INR 15 crore. The startup proudly asserts its successful service to more than 30 million consumers and the sale of over 50 million packets of chips since its establishment.
- Eat Better
- Founded In: 2020
- Founders: Mridula Kanoria, Shaurya Kanoria
- Investors: Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital, Plan B Capital, Harpreet Grover, Arjun Vaidya, Bhavik Vasa, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, and Divij Bajaj
- Headquarters: Jaipur
Eat Better, an organic food startup, offers a variety of healthy snacks through its website and various e-commerce platforms. These snacks include delectable options such as coffee and almond laddoos, hazelnut chocolate laddoos, as well as vanilla and cacao laddoos, among other enticing choices.
The startup operates a manufacturing facility in Jaipur and proudly maintains a team of over 50 female employees.
During the month of March 2022, the company secured INR 5.5 crore in seed funding. The primary objectives for utilizing this funding include strengthening the team, expanding the range of offerings, and developing robust marketing and distribution channels.
The funding round saw participation from a range of notable investors, including Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital, and Plan B Capital.
Previously, the company proudly reported a remarkable revenue growth of over 10 times between October 2020 and March 2022.
- Happilo
- Founded In: 2016
- Founders: Vikas Nahar
- Investors: Motilal Oswal Private Equity, A91 Partners
- Headquarters: Bengaluru
Happilo is a renowned brand specializing in healthy snacks, offering a wide range of products including nuts, dried fruits, seeds, and dry roasted snacks. The company operates a manufacturing unit located in Yeshwantpur, Bengaluru. To reach customers across the country, Happilo adopts an omnichannel approach, utilizing various sales channels for product distribution.
Happilo takes pride in offering products that are non-GMO verified, gluten-free, vegan, and fat-free. Additionally, the startup recognizes the financial needs of its customers and provides the option of EMI (Equated Monthly Installment) payment plans for those unable to pay for products in a single transaction.
In February, Happilo successfully raised $25 million from Motilal Oswal Private Equity to fuel its business expansion, enhance its offerings, and pursue potential acquisitions. Prior to this, the company had secured $13 million from A91 Partners as part of its funding endeavors.
The company has experienced significant growth, expanding over four times in the last 24 months. With ambitious goals, it aims to achieve a revenue milestone of INR 2,000 crore within the next four years.
- Chaayos:
- Founded In: 2012
- Founders: Nitin Saluja, Raghav Verma
- Investors: Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, Integrated Capital, SAIF Partners, InnoVen Capital, Pactolus, Sachin Shukla, Bhavish Aggarwal, Ankit Bhati
- Headquarters: Delhi
Chaayos, an F&B brand, offers a diverse range of tea varieties and pre-packaged food products through both offline and online marketplaces. Leveraging cutting-edge technologies like artificial intelligence and the Internet of Things (IoT), this innovative startup delivers a unique and modern experience to its customers.
Previously, it was stated that 45% of its revenue is generated through online tea deliveries. The company currently manages a total of 190 retail outlets spread across six cities in India.
In June of the previous year, the company successfully raised $53 million in its Series C funding round. The funds are intended to support the development of technological infrastructure and facilitate the expansion of its operations.
Its capitalization table comprises a range of prominent investors, including Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, SAIF Partners, InnoVen Capital, Pactolus, as well as Ola founder Bhavish Aggarwal and Ankit Bhati, among others.
The company had envisioned establishing an additional 100 retail outlets by the conclusion of 2022.
- Coolberg
- Founded In: 2016
- Founders: Pankaj Aswani, Yashika Keswani
- Investors: RB Investments, India Quotient, Ashish Goenka, Indian Angel Network
- Headquarters: Mumbai
Coolberg is a renowned non-alcoholic beverage brand known for its assortment of flavors. It offers a selection of non-alcoholic beers in seven delightful varieties, including cranberry, peach, ginger, malt, strawberry, mint, and cranberry.
It distributes its non-alcoholic beers through both its online platform and offline distribution channels. Presently, the brand has established its presence in several regions, including India, Africa, Maldives, Bhutan, and Nepal.
Yashika Keswani, Cofounder of Coolberg, had earlier said, “The Indian beverage market is witnessing an interesting transformation with an increased demand for new flavours. All our variants are unique, refreshing and new to the market. Our R&D team is strong and keeps a close eye on consumer needs.”
During its Series A funding round in 2019, Coolberg successfully secured $3.5 million in investment. The funding came from prominent investors such as RB Investments, India Quotient, Ashish Goenka from Suashish Diamonds, and Indian Angel Network. Before this round, the company had also received an undisclosed amount of funding from India Quotient and Indian Angel Network’s inaugural fund.
- Dogsee Chew
- Founded In: 2015
- Founders: Bhupendra Khanal, Sneh Sharma
- Investors: Mankind Pharma, Sixth Sense Ventures
- Headquarters: Bengaluru
Dogsee Chew specializes in providing vegetarian dog treats that are not only natural but also of human-grade quality and rich in protein. These treats are crafted from yak milk cheese, carefully made by the residents of villages located in Nepal, Sikkim, and Darjeeling.
Earlier this year, the startup successfully raised $6.7 million in its Series A funding round. The funding came from notable investors including Mankind Pharma and Sixth Sense Ventures.
In November 2021, the company received a significant investment of $7 million in its pre-Series A funding round, with Sixth Sense Ventures among the participating investors. Presently, the company has established its presence in more than 30 countries.
- iD Fresh Food
- Founded In: 2005
- Founders: PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar, Noushad TA
- Investors: NewQuest Capital Partner, Premji Invest, Sequoia Capital, Helion Ventures, Azim Premji
- Headquarters: Bengaluru
iD Fresh Food specializes in selling a range of ready-to-make food products, including dosa and idli batter, as well as rice rava idli batter, among other offerings. These products are made available in both domestic and international markets.
The company has established its presence in more than 45 cities worldwide, including prominent locations such as Mumbai, Bengaluru, Pune, Hyderabad, and Dubai, among others.
The Bengaluru-based D2C startup recently made an announcement regarding its seventh round of Employee Stock Ownership Plans (ESOPs). This round is valued at INR 46 crore and will benefit a total of 27 employees within the organization.
“In the coming months, we are excited to augment our 2,000+ workforce as we explore new markets and continue to create new opportunities for a diverse set of professionals, while actively creating a more inclusive workplace,” Musthafa said while announcing the ESOPs.
In January, the startup successfully raised $68 million in its Series D funding round, with NewQuest Capital Partner and Premji Invest among the key investors. With this latest funding, the company has raised a total of $104 million from a combination of individual and institutional investors.
- Jade Forest
- Founded In: 2019
- Founders: Shuchir Suri, Punweet Singh
- Investors: Mumbai Angels Network, Gaurav Kapur, Rohan Abbas, Ashish Tulsian, AngelList India
- Headquarters: Delhi
Jade Forest provides a diverse range of non-alcoholic beverages to customers through its website, various e-commerce marketplaces, and last-mile delivery platforms. The pricing of its products falls within the range of INR 80 to INR 85.
In 2021, the company successfully raised $1 million from the Mumbai Angels Network. Prior to this, it secured $250,000 in its seed funding round with participation from notable angel investors including Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and AngelList India.
The company’s products hold certification from the US FDA, ensuring their quality and adherence to regulatory standards. Over the past two years, the company has experienced significant growth and expanded its presence to 23 cities across India.
- Jimmy’s Cocktails
- Founded In: 2019
- Founders: Ankur Bhatia and Nitin Bhardwaj
- Investors: Roots Ventures, 7Square Ventures, Vishesh Khurana, Varun Alagh, Keki Mistry, Vidur Talwar, Anirudh Somani, Vinay Agarwal, Ankur Bhatia, Mirza Baig, Ekcle Ventures, Angad Bhatia
- Headquarters: Gurugram
Jimmy’s Cocktails offers an extensive range of cocktail mixers, featuring flavors such as gin cherry sour, bloody mary, lime margarita, and mango chili mojito, among other tempting options.
In April, Jimmy’s Cocktails successfully raised $1.8 million in its pre-Series A funding round. The investment came from a group of esteemed investors, including Roots Ventures, 7Square Ventures, Vishesh Khurana from Ship Rocket, Varun Alagh from Mama Earth, Keki Mistry from HDFC, and others.
During that time, the startup proudly announced that it had sold more than 6 million cocktails in the initial three months of 2022.
In the fiscal year 2021-22, the company achieved a remarkable threefold increase in revenue, showcasing its substantial growth. Notably, approximately 40% of its revenue was generated from cities in Tier 2 and Tier 3 categories, highlighting the brand’s strong presence and success in these markets.
- Kapiva Ayurveda
- Founded In: 2015
- Founders: Ameve Sharma, Shrey Badhani
- Investors:Vertex Ventures, Fireside Ventures, 3one4 Capital
- Headquarters: Mumbai
Kapiva Ayurveda specializes in offering a wide range of ayurvedic products aimed at various health benefits. These products cater to areas such as boosting immunity, enhancing digestion, strengthening the body, and managing diabetes, among other wellness goals.
In October 2021, Kapiva Ayurveda received an undisclosed amount of funding from renowned Bollywood actor Malaika Arora. Additionally, the company appointed her as its brand ambassador, further strengthening the association between the brand and the popular personality.
The startup reported a revenue of INR 40 crore in the financial year 2020-21. Since its inception, the company has successfully sold over 8 lakh ayurvedic products and has garnered a substantial user base of 3.5 lakh customers.
- Lahori
- Founded In: 2017
- Founders: Saurabh Munjal, Saurabh Bhutna, Nikhil Doda
- Investors: Verlinvest
- Headquarters: Punjab
Lahori, a brand dedicated to traditional Indian beverages, offers its delightful concoctions nationwide. Presently, the brand features four distinct flavors of Indian drinks, namely Zeera (cumin), Nimboo (lemon), Kacha Aam (raw mango), and Shikanji (lemonade).
Archian Foods, the parent company of Lahori, operates a state-of-the-art fully automated manufacturing facility. Spanning an impressive 1,50,000 square feet, the facility has the capacity to produce nearly 1 million bottles. Accredited by esteemed organizations such as FSSAI, ISI, HACCP, RoHS, and Make In India (offered by GeM), Archian Foods ensures that its manufacturing unit adheres to stringent quality and safety standards.
In January, Lahori received a significant investment of $15 million from Verlinvest, a Belgium-based investment firm. This investment was made in exchange for a minority stake in the company, showcasing the confidence and support Verlinvest has in Lahori’s potential.
- Licious
- Founded In: 2015
- Founders: Abhay Hanjura, Vivek Gupta
- Investors: Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin Kamath, Nikhil Kamath, Aman Gupta, Haresh Chawla, Temasek, Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures
- Headquarters: Bengaluru
Licious is a renowned brand that offers a wide range of high-quality meat and seafood products, including prawns, kebabs, mutton, and more. What sets Licious apart is its comprehensive end-to-end supply chain management, which covers the entire journey of the products, from procurement and processing to the final delivery to customers. This ensures that customers receive the freshest and finest products from start to finish.
In March, the foodtech unicorn successfully raised $150 million in funding from prominent investors such as Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin and Nikhil Kamath of Zerodha, Aman Gupta from boAt, and Haresh Chawla from True North. This substantial investment further strengthens the company’s position and paves the way for its continued growth and expansion.
Previously, in October 2021, the company successfully secured a funding of $52 million. During the financial year 2020-21, it achieved an impressive annual revenue of INR 1,000 crore and expanded its operations to encompass 14 cities across India. Notably, its customer base surpassed 2 million during the fiscal year 2020-21.
- MasterChow
- Founded In: 2020
- Founders: Vidur Kataria, Sidhanth Mada
- Investors: Anicut Capital, WEH ventures, Fluid ventures
- Headquarters: Delhi
MasterChow, a direct-to-consumer (D2C) brand, provides a range of convenient food options including ready-to-cook noodles, dipping sauces, and sticky rice, among other delectable offerings.
MasterChow successfully secured a funding of $1.2 million in May from prominent investors including Anicut Capital, WEH Ventures, and Fluid Ventures.
Before this recent funding, MasterChow had successfully raised approximately $462,000 in its seed funding round from WEH Ventures and a group of angel investors. During that time, the startup boasted an impressive growth rate of 10 times over the previous 12 months, and its products were delivered to over 17,000 pin codes throughout India.
At present, MasterChow has a workforce of 25 employees, and it has plans to expand its corporate team in the coming 12 months.
- Nourish You
- Founded In: 2015
- Founders: Rakesh Kilaru, Krishna Reddy, Sowmya Reddy
- Investors: Y Janardhana Rao, Rohit Chennamaneni, Nikhil Kamath, Abhijeet Pai, Abhinay Bollineni
- Headquarters: Hyderabad
Nourish You specializes in offering nutritious breakfast food products and snacks to consumers through its website and various e-commerce platforms such as Flipkart, BigBasket, Amazon, and others. Its range of products caters to the needs of health-conscious individuals seeking nourishing options for their daily meals.
In addition to direct consumer sales, the startup also engages in exporting its food items to several countries including Singapore, Nepal, Kenya, Dubai, Mongolia, and Maldives. Among the export-worthy products offered are quinoa flour, chocolate and banana muesli, and cranberry walnut mix, which have gained popularity among international customers.
Previously, the startup revealed that it possessed extensive quinoa and chia farms spanning across 5,000 acres in Rajasthan, Karnataka, and Madhya Pradesh. These agricultural assets contributed to the reliable and sustainable supply of quinoa and chia, key ingredients used in their products.
In January 2023, the startup successfully raised $2 million in seed funding. The funding will be utilized to support various initiatives including research and development activities, brand marketing efforts, and strengthening the distribution network and market presence of the company.
- Paper Boat
- Founded In: 2010
- Founders: Neeraj Kakkar, Niraj Biyani
- Investors: Sequoia Capital, Hillhouse Capital Group, GIC, Advent International, Trifecta Capital, Sofina SA, A91 Partners, Catamaran, Footprint Ventures
- Headquarters: Gurugram
Paper Boat offers a delightful range of fruit-based beverages inspired by Indian flavors. Their diverse selection includes refreshing drinks such as aam panna (raw mango), rose tamarind (tamarind juice), chili guava (guava juice), jaljeera (spicy and tangy lemonade), and many more.
In August, the startup successfully secured a funding round of $50.1 million from Lathe Investment Pte Ltd, a sovereign fund owned by GIC.
During that period, the company maintained its presence in metro cities, Tier-2 cities, and beyond. In the fiscal year 2021-22, it reported a revenue of INR 243 crore while incurring losses of INR 64 crore. Comparatively, in the previous fiscal year ending March 2020, the company recorded a revenue of INR 231 crore and losses of INR 100 crore, as reported by Tofler.
- Samosa Singh
- Founded In: 2016
- Founders: Nidhi Singh, Shikhar Veer Singh
- Investors: Fireside Ventures, AL Trust, AET Fund, She Capital, Equanimity Investments, ANME
- Headquarters: Bengaluru
Samosa Singh, a food snack brand, offers a delectable range of Indian snacks including aaloo samosa, kachori, pani puri, matar kulcha, and more. These flavorful treats are made available to customers through the convenience of cloud kitchens and kiosks, ensuring easy access and enjoyment of these traditional snacks.
It had earlier shared that its manufacturing unit has the capacity to produce 25,000 food items on a daily basis.
In 2020, the startup raised $2.7 million (INR 17 crore) in a Series A funding round to enhance the capacity of its central kitchen located in Bengaluru. She Capital took the lead in this funding round.
As of March 2020, its presence extended to more than 25 locations in Hyderabad and Bengaluru. The company asserts that it has established 100 cloud kitchens in key cities across South India.
- Slurrp Farm
- Founded In: 2016
- Founders: Meghana Narayan, Shauravi Malik
- Investors: Anushka Sharma, Investment Corporation of Dubai, Fireside Ventures
- Headquarters: Delhi
Slurrp Farm is a brand that specializes in nutritious snacks designed specifically for children. They provide a diverse range of cereals, milk mixes, and snacks, including convenient ready-to-mix pancakes, cakes, dosas, noodles, and pastas, among other options. To introduce their products to new customers, they offer trial packs of these items.
Wholsum Foods, the parent company of Slurrp Farm, distributes its products through its official website and various e-commerce marketplaces. At present, the company has established a strong presence in India, the UAE, the US, and the UK, catering to customers in these regions.
During the fiscal year 2021-22, it recorded an annual revenue rate (ARR) exceeding INR 50 crore and experienced a remarkable growth of 10 times between June 2020 and December 2021. Looking ahead, the company has set its sights on reaching a revenue milestone of INR 500 crore by the year 2025.
In the month of April, the D2C brand Slurrp Farm gained the endorsement of Bollywood actress Anushka Sharma. Prior to this collaboration, Slurrp Farm had successfully raised $7 million in funding from the Investment Corporation of Dubai and Fireside Ventures. Furthermore, they had also secured $2 million in a Series A funding round led by Fireside Ventures.
- Storia
- Founded In: 2017
- Founders: Vishal Shah
- Investors: Sixth Sense Ventures
- Headquarters: Mumbai
Storia provides customers with a diverse selection of processed fruit juices, coconut water, shakes, and beverage whitener options.
In its Series A funding round in 2021, Storia secured a substantial investment of $6 million from Sixth Sense Ventures. As of now, the company has established its presence in 33 cities across India, serving customers through a network of 50,000 retail outlets.
During the announcement of its Series A funding round, the startup expressed its intentions to embark on several strategic initiatives. These included the introduction of new product offerings, expansion of its distribution network, and venturing into the realm of packaged food.
- TenderCuts
- Founded In: 2016
- Founders: Nishanth Chandran
- Investors: Stride Ventures, Paragon Partners, Nabventures
- Headquarters: Chennai
TenderCuts, a direct-to-consumer (D2C) brand, specializes in offering an extensive range of meat and seafood products. Their diverse selection includes chicken, mutton, seafood, marinades, pickles, eggs, as well as ready-to-cook options like cold cuts, sausages, kebabs, shawarmas, and more.
In 2021, TenderCuts successfully obtained approximately $4 million in a debt funding round led by Stride Ventures. Prior to this milestone, the company raised $15 million from Paragon Partners and Nabventures, and it also concluded a seed funding round amounting to $759,000 in 2017.
It implements an omnichannel marketing strategy to cater to its customers. With a presence in Chennai, Hyderabad, and Bangalore, the company serves its clientele through a network of 50 retail stores, ensuring a seamless and integrated shopping experience.
- The Filling Station
- Founded In: 2021
- Founders: Mahua Ghosh, Suvankar Ghosh
- Investors: NA (Not Available)
- Headquarters: Mumbai
The Filling Station, a startup focused on healthy food snacks, offers a range of nutrient-rich products including laddoos, oil-free snacks, and nutrient-rich spreads, among others. These products are conveniently available for purchase through the company’s website as well as popular ecommerce marketplaces such as Amazon and Flipkart.
Their snacks are crafted using a variety of wholesome ingredients, including palm, oats, makhana, seeds, nuts, and date fruit. These nutritious components are thoughtfully incorporated into their snack offerings, ensuring a delightful and healthy snacking experience.
Mahua Ghosh, the Co-founder of the startup, possesses extensive expertise in the food industry, boasting 11 years of experience. She has previously worked with various fast food joints, cloud kitchens, and retail brands, honing her knowledge and skills in the field. Notably, the venture has received recognition from Startup India, an initiative by the Centre, as stated on their website.
- The Whole Truth
- Founded In: 2019
- Founders: Shashank Mehta
- Investors: Sequoia Capital India, Matrix Partners India, Sauce.vc, Kalyan Krishnamurthy, Sujeet Kumar, Ashneer Grover, Shashvat Nakrani
- Headquarters: Mumbai
The Whole Truth offers a range of products including dark chocolate, muesli, protein bars, nut butters, and energy bars. These items are available for purchase through the company’s website as well as other popular ecommerce marketplaces.
In the month of July, the D2C snack brand successfully raised $6 million in its Series A funding round. The investment was led by prominent investors such as Sequoia Capital India, Matrix Partners India, Sauce.vc, Kalyan Krishnamurthy from Flipkart, Sujeet Kumar from Udaan, as well as Ashneer Grover and Shashvat Nakrani.
During that period, the startup proudly announced its remarkable growth of 12 times within the previous 18 months. Additionally, The Whole Truth revealed that 50% of its sales were generated through its own website, while the remaining portion came from various ecommerce marketplaces.
Presently, the company has set its sights on achieving an Annual Recurring Revenue (ARR) ranging from INR 90 crore to INR 100 crore by the year 2023.
- Troo Good
- Founded In: 2018
- Founders: Raju Bhupati
- Investors: OAKS Asset Management
- Headquarters: Hyderabad
Troo Good provides a wide variety of snack bars and mixtures made with millet, peanut, chocolate, and dry fruits. In its first year of operation, the company achieved a revenue of INR 12 crore, which increased to INR 24 crore in 2019. Notably, the startup asserts that it is currently operating profitably before tax.
In November 2021, Troo Good successfully obtained a funding of $7.4 million from OAKS Asset Management, enabling them to amplify their business operations within the domestic market.
Additionally, the startup asserts that it is poised to surpass the INR 100 crore revenue milestone within the next 18 months.
- True Elements
- Founded In: 2013
- Founders: Puru Gupta and Sreejith Moolayil
- Investors: Marico, Maharashtra State Social Venture Fund
- Headquarters: Bengaluru
True Elements specializes in offering a wide range of breakfast and snack foods that are based on millets, grains, and seeds. The company adopts an omnichannel marketing approach, distributing its products through multiple channels including its own website, ecommerce marketplaces, and physical brick-and-mortar stores.
In May, Marico, a consumer company, acquired a majority stake of 53.98% in HW Wellness Solutions, the parent company of True Elements. The exact financial details of the acquisition were not disclosed. Prior to this development, True Elements had successfully obtained a funding of INR 10 crore from the Maharashtra State Social Venture Fund in the previous year.
During the fiscal year 2021-22, True Elements achieved sales exceeding INR 54.3 crore, a significant increase from the INR 36.3 crore recorded in the preceding fiscal year.
Presently, True Elements offers a diverse range of over 70 products and boasts an extensive portfolio of over 200 stock-keeping units (SKUs). These products are available for purchase through a wide network of 12,000 retail outlets across India. Notably, the company asserts that it generates over 75% of its revenue through online distribution channels.
- Twigly
- Founded In: 2015
- Founders: Sonal Minhas, Rohan Dayal, Naresh Kumar Kachhi
- Investors: Tracxn Labs, Hyderabad Angels, Kunal Shah, Aditya Verma, Gaurav Bhalotia, Amit Gupta, Sahil Barua, Mukul Singhal
- Headquarters: Gurugram
Twigly delivers freshly cooked food directly to consumers’ doorsteps through its user-friendly website and mobile app. Presently, the delivery service operates within the Delhi-NCR region, ensuring prompt and convenient access to their offerings. Their diverse menu includes delectable options such as burgers, pasta, grill platters, desserts, and a variety of beverages to cater to different tastes and preferences.
As per its founders, the startup draws inspiration from Sprig, a food delivery startup based in San Francisco. Sprig was known for its provision of freshly cooked meals to consumers. However, Sprig ceased its operations in 2017. The founders of the current startup have taken cues from Sprig’s model to shape their own venture.
In September 2018, Twigly was acquired by one of its competitors for an undisclosed sum.
- Vahdam India
- Founded In: 2015
- Founders: Bala Sarda
- Investors: Sixth Sense Ventures, IIFL, Mankind Group Family Office, SAR Group Family Office, Kris Gopalakrishnan, IIFL Asset Management, White Whale Ventures, Urmin Group
- Headquarters: New Delhi
Vahdam provides a diverse selection of teas, encompassing a variety of types such as herbal, white, oolong, and iced teas, catering to customers in India as well as worldwide. In addition to their tea offerings, Vahdam also provides teaware and instant lattes to complement the tea experience.
During September 2021, the startup successfully raised INR 174 crore in its Series D funding round, with IIFL AMC’s Private Equity Fund leading the investment. Following this round of fundraising, the startup achieved a valuation of INR 700 crore.
At present, the startup asserts its global presence, operating in over 100 countries. Additionally, it achieved profitability in the fiscal year 2021, having generated a net revenue exceeding INR 160 crore.
