Slurrp Farm, a children-focused snacking and meal brand, has secured INR 59.9 crore ($7.2 million) in a recent funding round from a mix of new and existing investors. This investment marks a significant milestone for the Gurugram-based startup, as it breaks a nearly two-year hiatus from fundraising activities.
According to documents obtained from the Registrar of Companies, the board of Wholsum Food Private Limited, the parent company of Slurrp Farm, has approved a special resolution to issue 3,13,691 Series C preference shares. These shares will be offered at an issue price of INR 1,909 each, aiming to raise INR 59.9 crore.
Current backers Fireside Venture and Raed Capital infused INR 12.4 crore and INR 5.48 crore, respectively, in the funding round, whereas newcomers Alkemi Ventures and Madhurima International each added INR 17.5 crore. Sharrp Ventures, the investment office representing the Harsh Mariwala family, also joined the funding with a contribution of INR 7 crore.
The newly acquired investment will be utilized to enhance the long-term financial resources of the company, as indicated in the filing.
After this funding round, Fireside Ventures is set to possess 20.72% of the company, while Madhurima International, Sharrp Ventures, and Alkemi Ventures will have ownership stakes of 3.43%, 1.37%, and 3.43%, respectively.
As per the estimates from the startup data intelligence platform TheKredible, the company’s valuation post-allotment stands at approximately INR 510 crore or $62 million. In February 2022, Slurrp Farm secured $7 million in a Series B round led by the Investment Corporation of Dubai. Subsequent to this funding round, Bollywood actress Anushka Sharma became an investor and the brand ambassador for Slurrp Farm’s flagship brand.
Established in 2016, the company specializes in crafting snacks and meals for young children, with a focus on millet-based offerings. Its diverse portfolio encompasses more than 25 products, featuring items such as porridges, cereals, puffed snacks tailored for children, millet pancakes, millet dosa, cake mixes, and various others.
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Slurrp Farm’s Financial Performance in FY23:
The parent company of Slurrp Farm witnessed a revenue surge of over 2X, reaching INR 40 crore in FY23, in contrast to INR 19.15 crore in FY22. However, the company’s losses also experienced a 1.7X increase, totaling INR 32.20 crore during the same period.
The company has established an objective to achieve INR 500 crore in revenue within the next few years and strives to expand its presence to 40,000 stores. This marks a substantial 20-fold increase from its current presence in 2,000 stores.