Skippi, the ice popsicle brand, has secured INR 10 Cr ($1.2 Mn) in a pre-Series A funding round, co-led by Hyderabad Angel Network and Venture Catalysts.
Soonicorn Ventures, HEM Securities, and a group of angel investors also participated in the round.
The startup also announced plans to secure an additional INR 7 Cr soon.
Ravi Kabra, CEO and co-founder of Skippi, stated that the extra INR 7 Cr will be included in the ongoing round, with discussions underway with several investors.
The funds will mainly be directed towards brand building and marketing efforts, prioritizing the improvement of working capital, fostering new product development, and recruiting essential leadership personnel for the upcoming growth phase.
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Kabra explained, “40% of the funds will go towards branding and marketing, 30% for bolstering working capital, 10% for recruiting the next tier of leadership, and 20% for pioneering new product developments.”
Skippi asserts that it has amassed a total funding of INR 10 Cr to date.
Kabra continued, “This funding will be beneficial in our efforts to bolster our brand, innovate new products, as well as attract top talent to our leadership team.”
Skippi’s Funding History and Growth
It’s worth mentioning that in 2022, Skippi secured investments from all six sharks of Shark Tank India Season 1 – Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal. They collectively invested INR 1.2 Cr for an 18% equity stake. Since then, the startup has experienced a remarkable 80-fold increase in monthly revenues, surging from their initial figures of INR 5-7 Lakhs.
“Before appearing on Shark Tank, our ARR was INR 60 lakhs (annual run rate). We are currently forecasting a revenue range of INR 60 Cr to INR 100 Cr this year,” Kabra stated.
Apoorva Ranjan Sharma, co-founder and managing director of Venture Catalysts ++, commented, “Skippi’s robust brand presence and rapid expansion position them as an appealing investment opportunity. This strategic step aims to amplify Skippi’s market influence and foster innovation within a burgeoning industry propelled by increasing disposable incomes and evolving consumer preferences.”
Founded by Ravi and Anuja Kabra in Hyderabad in 2021, Skippi Ice Pops has quickly expanded its presence to over 20,000 outlets across the country. Their product range includes popsicles in various flavors, cream rolls, and cornsticks, all sold through an omnichannel retail strategy.
Skippi Ice Pops crafts its products with all-natural ingredients and flavors, using RO water exclusively for its ice pops. The brand distributes its offerings through its website and quick-commerce platforms like Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket.
Continue Exploring: Skippi goes desi with the launch of six iconic Indian flavors
With a distribution network spanning over 200 stockists and distributors throughout India, the startup asserts that its products are crafted using patented technology.
Indian Ice Cream Market Outlook
According to IMARC, the Indian ice cream market was valued at INR 228.6 billion in 2023 and is anticipated to soar to INR 956.0 billion by 2032. This upward trend is driven by various factors, such as increasing consumer inclination towards indulgence and the launch of inventive products by top brands.
Although Skippi asserts itself as India’s pioneering ice pops brand, a plethora of other brands such as Havmor, Kwality Wall’s, Mother Dairy, Vadilal, Creambell, Amul, Natural Ice Cream, Giani’s, and Dinshaw’s also present diverse selections of ice popsicles.
Continue Exploring:Â From scoops to sundaes: Ice cream sales set to soar 15-20% this summer
