The Good Bug, a Mumbai-based D2C startup, has raised $3.5 Mn (around INR 30 Cr) in its Series A extension round, with funding from Sharrp Ventures, the family office of Marico Group chairman Harsh Mariwala.
As͏͏ per͏͏ the͏͏ startup’s͏͏ RoC͏͏ filing,͏͏ existing͏͏ investors͏͏ Fireside͏͏ Ventures͏͏ and͏͏ cofounder͏͏ Keshav͏͏ Biyani͏͏ also͏͏ participated͏͏ in͏͏ the͏͏ funding͏͏ round.
Investment͏͏ Details:
The͏͏ startup͏͏ allocated͏͏ 630͏͏ Series͏͏ A1͏͏ and͏͏ Series͏͏ A2͏͏ compulsory͏͏ convertible͏͏ preference͏͏ shares͏͏ (CCPS)͏͏ to͏͏ the͏͏ three͏͏ investors͏͏ to͏͏ raise͏͏ the͏͏ funds.͏͏ As͏͏ stated͏͏ in͏͏ the͏͏ filing,͏͏ these͏͏ CCPS͏͏ will͏͏ convert͏͏ into͏͏ equity͏͏ shares͏͏ at͏͏ a͏͏ 1:10͏͏ ratio͏͏ in͏͏ the͏͏ next͏͏ fundraising͏͏ round.
Out͏͏ of͏͏ the͏͏ INR͏͏ 30͏͏ Cr,͏͏ the͏͏ startup͏͏ has͏͏ already͏͏ secured͏͏ INR͏͏ 20͏͏ Cr,͏͏ with͏͏ the͏͏ remaining͏͏ amount͏͏ expected͏͏ to͏͏ be͏͏ received͏͏ shortly.
Queries͏͏ directed͏͏ towards͏͏ The͏͏ Good͏͏ Bug͏͏ regarding͏͏ the͏͏ fundraising͏͏ went͏͏ unanswered.
Capital͏͏ Utilisation:
The͏͏ startup͏͏ is͏͏ expected͏͏ to͏͏ use͏͏ the͏͏ new͏͏ capital͏͏ to͏͏ broaden͏͏ its͏͏ product͏͏ portfolio.
This͏͏ development͏͏ comes͏͏ nearly͏͏ a͏͏ year͏͏ after͏͏ The͏͏ Good͏͏ Bug͏͏ raised͏͏ $3.5͏͏ Mn͏͏ in͏͏ its͏͏ Series͏͏ A͏͏ funding͏͏ round,͏͏ led͏͏ by͏͏ Fireside͏͏ Ventures.͏͏ The͏͏ round͏͏ also͏͏ saw͏͏ participation͏͏ from͏͏ Think9͏͏ Consumer͏͏ Technologies,͏͏ founded͏͏ by͏͏ Kishore͏͏ Biyani’s͏͏ daughters,͏͏ Ashni͏͏ and͏͏ Avni.
Continue͏͏ Exploring:͏͏ The Good Bug secures͏͏ $3.5͏͏ Million͏͏ in͏͏ Series͏͏ A͏͏ funding͏͏ to͏͏ transform͏͏ gut͏͏ health͏͏ in͏͏ India
It’s͏͏ worth͏͏ noting͏͏ that͏͏ Keshav͏͏ Biyani͏͏ is͏͏ the͏͏ nephew͏͏ of͏͏ Kishore͏͏ Biyani.
Established͏͏ in͏͏ 2022͏͏ by͏͏ Keshav͏͏ Biyani͏͏ and͏͏ Prabhu͏͏ Karthikeyan,͏͏ The͏͏ Good͏͏ Bug͏͏ offers͏͏ a͏͏ selection͏͏ of͏͏ gut͏͏ health͏͏ and͏͏ wellness͏͏ products͏͏ aimed͏͏ at͏͏ addressing͏͏ chronic͏͏ lifestyle͏͏ issues͏͏ such͏͏ as͏͏ bloating,͏͏ constipation,͏͏ and͏͏ weight͏͏ management͏͏ through͏͏ enhanced͏͏ gut͏͏ health.
Financial͏͏ Performance͏͏ of͏͏ The Good Bug:
In͏͏ the͏͏ financial͏͏ year͏͏ 2022-23͏͏ (FY23),͏͏ the͏͏ startup͏͏ reported͏͏ sales͏͏ of͏͏ INR͏͏ 2.79͏͏ Cr,͏͏ a͏͏ notable͏͏ rise͏͏ from͏͏ INR͏͏ 0.26͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ However,͏͏ it͏͏ incurred͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 3.9͏͏ Cr͏͏ during͏͏ the͏͏ year,͏͏ compared͏͏ to͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 0.15͏͏ Cr͏͏ in͏͏ FY22.
It͏͏ competes͏͏ with͏͏ brands͏͏ such͏͏ as͏͏ Power͏͏ Gummies͏͏ and͏͏ Man͏͏ Matters,͏͏ among͏͏ others.
