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Beverage Startup Ronin Wines raises $2 Mn led by Anthill to expand geographical presence

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Moonshine alcoholic beverage company Ronin Wines has raised around $2 million in its ongoing Pre-Series A round led by Anthill Ventures. Auxano Capital, Supermorpheus, Merisis and existing and new angel investors also participated in the funding round. 

Ronin Wines will use the funds to expand its product – Moonshine Meadery in existing markets including Maharashtra, Karnataka, Goa, Uttar Pradesh, Himachal Pradesh, Rajasthan, Assam and Silvassa. In addition, it will deploy funds to enter new markets including Haryana and West Bengal as well as export its products to international markets.

Founded in 2016 by Rohan Rehani and Nitin Vishwas, Pune-based Ronin Wines produces homemade meads. To make its Moonshine Meadery sub-brand, the startup uses a host of ingredients, including multi-flower honey, orange blossom honey, coffee beans, guava, apples, chilli peppers and kaffir lime, according to the statement.

Rohan Rehani, Co-founder of Ronin Wines, said, “With Moonshine, we’re trying to fill a taste gap for consumers as they move from juices and colas to beer and spirits. After we won at IWSC, we got interest from importers from all over the world. The current increase in funding will enable us to unlock opportunities not only nationally but also internationally.”

Ronin Wines added, “It launched a strong Portside mead in 2021 and is considering entering the high ABV (alcohol volume) still mead segment later this year (2022).”

Prasad Vanga, Partner at Anthill Ventures, said, “Meads are an exciting, fast-growing category for Alco-Bev. Ronin has created an eclectic brand of mead that is already seeing excellent market traction from discerning consumers looking for new flavours and tastes. Anthill Ventures is delighted to be a lead partner in Ronin’s journey.” 

According to the statement, most Indian meads are low in alcohol by volume (ABV) and carbonated. Additionally, it often faces competition from the premium beer and RTD segments, which are worth around $5 billion in 2020.

In the mead segment, a subsector of the alcohol industry, Ronin Wines faces competition from Cerana Meads, Portside Mead and Arka Rose, among others.

According to the report, the global mead beverage industry, which was pegged at USD 432.4 million in 2020, is likely to become a market valued at USD 1,621 billion by 2028. The industry will expand at a CAGR of 18.71% during 2021-2028.

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Restaurants on Swiggy, Zomato are charging 10% more than in-store pricing: Report

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Restaurants listed on meal delivery services like Zomato and Swiggy have started to charge customers on average about 10% more than the pricing stated on their menus in-store.

According to a Jefferies research cited by Mint, the restaurants are accusing the higher commissions and promotional fees for the price increase.

According to the report, food tech giants Zomato and Swiggy had to increase take-out prices as a result of a stronger focus on profitability. In the end, it prompted restaurants to charge differently, yet packaging and delivery fees are still excessive.

The brokerage firm questioned 80 restaurants in the top eight cities for the survey, which resulted in the report. It used a method of price comparison between online and offline prices.

It generated 240 orders, each costing between INR 120 and INR 2,800. A variety of quick-service restaurants (QSRs), full-service cafes, and ice cream shops were also chosen.

When compared to the printed menu price for dine-in, 80% of the establishments in the survey had higher menu pricing on meal delivery platforms.

“More than half of these restaurants charge a premium that is less than 10%, with the median at 10-11%. However, nearly 20% of them charge a premium that is in excess of 30% to the printed (online) menu pricing; we also saw a few instances of premium being over 40% (highest at over 60%),” the report said.

It should be noted that this price technique did not apply to all items on the menu; rather, it was only used for a few. Even some of the bigger restaurants are debating whether new items may be offered to allow for differential pricing through aggregators.

However, certain establishments, like ice cream parlours, charge less for their goods than restaurants do.

Customer discontent may result from these pricing increases. Additionally, it may open up new potential for hyper-local delivery services to permit restaurants’ deliveries. This appears to be a remote prospect at the moment, the report stated, considering the strong brand recall of Zomato and Swiggy.

Because the same foods are priced differently online and offline, Zomato has previously been accused of unfair business tactics. It declared at the time that it did not influence such price variations.

India’s industry for meal delivery has expanded rapidly in recent years. According to a survey, between 2022 and 2027, the Indian online food delivery industry is anticipated to expand at a compound annual growth rate (CAGR) of 28.9%.

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QSR Brand Wow! Momo Foods raises INR 125 Cr to strengthen Tier-1 & Tier-2 Presence

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Indian QSR Chain Wow! Momo foods have raised $15.6 million (Approx. INR 125 Cr) from OAKS Asset Management which is a Mumbai-based firm. 

This funding is the first tranche of the current Series D funding, the startup plans to raise the second tranche from another VC firm soon.

The fresh funds will enable to brand to build strong back-end capabilities to enter Tier 1 and Tier 2 markets of the country. The New Funds will also enable the company to expand further in tier 2 and tier 3 cities.

Founded in August 2008 by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman, Wow! Momo operates three brands – Wow! Momo, Wow! China and Wow! Chicken. It claims to currently have a monthly revenue run-rate of over INR 40 Cr and it plans to double its growth by mid-next year. 

Wow! Momo Foods competes with the likes of other Indian QSR chains including Faasos and Cafe Coffee Day, as well as international names such as KFC.

The brand is now across 21 cities and has over 480 outlets; aim it to enter over 100 cities with the new expansion plan. The funds will also be utilised to fortify the FMCG growth.

This round makes Wow! Momo Foods as one of the strongest domestic players in the Indian QSR space. This is a testimony to the brand’s strong business vision, and execution capabilities and focuses on sustained profitability. 

Sagar Daryani, Co-Founder & CEO of Wow! Momo Foods, said “You only grow when the ecosystem around you grows; even in such riotous times, good profitable, sustainable and scalable business models will always find right backing and that is the faith with which we started our first outlet in 2008. As I keep saying we are a brand that is funded by the consumers and guided by the investors.”

Vishal Ootam, Founder and CEO of OAKS Asset Management, said, We are excited to partner with Wow! Momo. With a track record of having partnered with some of the best entrepreneurs in the Indian F&B space, we are excited to see the execution by the Wow Momo team. We expect Wow! Momo to not only gain domestic market share in India but also to be the first global sized QSR company from India.”

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D2C Startup Floryo secures $2 Mn in Pre-Series A Funding to reach more Indian Households

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D2C brand Floryo has raised $2 million in its pre-Series A funding round led by 3ONE4 Capital. Of this, $1.6 million was raised through equity financing, while the remaining $400,000 came in debt financing.

Vivek Gupta and Abhay Hanjura of Licious; Kunal Shal of CRED; Aman Gupta and Sameer Mehta of BoAt; Varun Alagh of Mamaearth; Rishi Vasudev of G.O.AT Brandlabs and Vijay Arisetti of MyGate also participated in the equity funding round. Meanwhile, Alteria Capital invested $400,000 in a debt financing round.

Floryo will use the funds to expand its product line, expand its geographic footprint and strengthen its branding strategies.

Founded by Manohar Kumar, Floryo sells freshly produced Indian staples, mainly wheat flour, through its platform. It offers a variety of whole grain flours, such as functional multigrain flours, customized multigrain flours and gluten-free multigrain flours, among others. It also allows customers to customize their wheat flour.

The Brand help customers understand their dietary needs, the startup also offers online consultations from nutritionists. In addition, it has a manufacturing unit that processes and packages the core products. 

Floryo claims to have more than 40 stocking units (SKUs) of freshly processed flour. Once a customer places an order, the startup claims to deliver the products to the customer within 24 hours.In the D2C segment, it faces competition from the likes of Chakkizza and Natraj Attachakki.

Manohar Kumar, Founder of Floryo, said, “At FAV Floryo, we firmly believe that freshness is a decisive indicator of quality in food, which precedes all other attributes. Additionally, when it comes to nutrition, one size does not fit all. Therefore, tailoring food to individuals based on health and dietary needs. We are committed to working on product innovation with the help of technology to revolutionize the packaged food industry.”

Nitya Agarwal, Vice President of 3ONE4, said, “We are excited to work with Manohar and his team to build Florya. Floryo’s mission to provide fresh alternatives for everyday nutritional consumption is quite exciting and we are honoured to be a partner in their journey.”

According to reports, the Indian D2C market is expected to reach the $100 billion mark by 2025.

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F&B Brand Paper Boat Secures $50 Mn From Singapore Sovereign Fund GIC

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Hector Beverages, the parent company of popular beverage brand Paper Boat, has secured $50.1 million from Lathe Investment Pte Ltd, which is wholly owned by Singapore’s sovereign wealth fund GIC.

According to regulatory filings, GIC will hold a 25% stake in Gurugram-based Hector Beverages. Earlier last week, Mint reported that GIC was looking to invest in Paper Boat at a valuation of $250 million to $280 million.

Including current fundraising, Paper Boat has raised INR 448 Mn in equity funding and INR 10 Mn in debt funding to date.

Founded in 2010 by former Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Hector Beverages operates the F&B brand Paper Boat, which sells fruit drinks in Indian flavours such as Aam Panna (raw mango), Jaljeera (spicy, spicy lemonade) and others. Apart from this, it also sells dry fruits and healthy snacks including chikki and aam papad.

Presently, Paper Boat has a presence in metro cities along with Tier-2 and 3 cities in India. In 2020, Paper Boat raised INR 28 Cr from Sofina Ventures, A91 Emerging Fund I, SCI Growth Investment II and Catamaran Ventures.

The brand also collected 20 Cr from Advent Management and A91 Emerging Fund and INR 10 Cr debt funding from Trifecta.
In 2018, the Tata Group was said to be in talks with Paper Boat’s parent company to buy the startup. However, the agreement did not materialize and later the founder of Paper Boat also denied the development.

In the financial year 2021-22, Paper Boat’s revenue increased to INR 243 Cr from the 231 Cr earned in the previous fiscal year. Meanwhile, its consolidated losses narrowed to INR 64 cr in FY21, down from losses of INR 100 cr in the corresponding period, according to Tofer.

It faces competition from Lahori and Raw Pressery brands in the Indian food and beverage (F&B) market. The F&B industry in the country is expected to become a $156.25 billion market by 2026.

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Agritech Startup Loopworm raises $3.4 Mn Seed Fund led by Omnivore and WaterBridge

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Agritech startup Loopworm has raised $3.4 million in seed funding led by Omnivore and WaterBridge Ventures. 

The round has also seen participation from Titan Capital and angel investors including Nadir Godrej of Godrej Agrovet, Sanjiv Rangrass, a former ITC executive, and Log9 Materials’ Akshay Singhal.

Loopworm plans to use the seed funding for talent acquisition, research, and development (R&D) including building laboratories, and to launch its first factory in North Bengaluru for scaling up production.

Founded in 2019 by IIT Roorkee graduates Ankit Alok Bagaria and Abhi Gawri, Loopworm is an insect biotechnology startup that aims to optimize insect farming for households. small scale while producing nutrients and ingredients for business-to-business (B2B) customers.

The startup said it aims to transform multiple sectors including aquaculture, pet food, and nutraceuticals using multi-species insect biotechnology.

The startup is building decentralized insect rearing facilities in partnership with smallholder farmers. It aims to produce 3,00,000 metric tons (MT) of sustainable insect-based protein per annum, creating value from 7.5 million MT of food waste and agricultural byproducts, over the next five years,

Ankit Alok Bagaria and Abhi Gawri, Co-founders of LoopWorm, said in a joint statement, “We are thrilled to have Omnivore, Waterbridge, Titan Capital, and several experienced angels, including Nadir Godrej, as investors in Loopworm. We plan to use the new funding to set up our first Loop Factory in North Bengaluru, hire talent, and accelerate R&D.”

Mark Kahn, Managing Partner of Omnivore, said, “Omnivore is delighted to back Loopworm under our OmniX Bio initiative, which seeks to blaze a path forward for agrifood life sciences in India. Loopworm sees massive potential in transforming cultivated insects into value-added nutrients and ingredients.”

In December 2021, the venture capital firm launched the OmniX Bio initiative to provide additional support to agribusiness life science startups. In a statement, Loopworm said the investment is Omnivore’s second under the initiative.

Most recently, in April, Omnivore also launched a third fund with a target capital of $130 million to invest in early-stage startups developing technology for agriculture, food and business. rural economy.

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D2C Startup Farmley Secures Impressive $6 Million in Series A Investment

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Food startup-Farmley

Food startup Farmley D2C has raised $6 million in its Series A funding round, led by DSG Consumer Partners and Alkemi Growth Capital. Existing investors Omnivore, Insitor Partners, and a host of angel investors also participated in the round.

The family plans to utilize the funds for channel expansion, brand building, and team building. Encompassing current fundraising. 

Farmley has raised a total of $8 million so far. In 2020, Farmley raised $2 million in its seed round of funding from Omnivore and Insitor.

Birth of Farmley: Reolutionizing Food Startups 

Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, Farmley works with domestic and international farming communities to source quality nuts and dried fruits. It currently operates five processing units in India, follows an omnichannel distribution strategy, and sells its products through e-commerce marketplaces, quick-trade platforms, retail stores, and its website.

Farmley offers a range of over 100 nut and dried fruit products, right from trail mixes to maida-free kinds of pasta to roasted munchies.

Akash Sharma and Abhishek Agarwal, co-founders of Farmley, said, “Farmley is a consumer-focused brand. We are here to become a globally loved brand born in India, and the only way to do that is to put consumers first in our approach. We aim to incorporate them into various occasions throughout the day and make every moment special and memorable.”

Hariharan Premkumar, Head of India at DSG Consumer Partners, said, “We are excited to work with Akash and Abhishek on their mission. Full backward integration at Farmley ensures premium-quality products and the launch of innovative products such as Makhana pasta. The company is on a strong growth trajectory, and the founders have built a stellar team with a laser focus on customer pain points.”

Farmley claims to have increased its revenue 10x over the past 18 months. It currently operates in 20 Indian cities and also has a presence in the US, Middle East and Australia.

Also read about: Story about revolution of rice

In the D2C food and beverage sector, it competes with companies such as Happilo, iD Fresh Food, and Slurrp Farm, among others.

As per reports, India’s e-commerce sector is likely to become a $400 million market by 2030. Of this, the D2C segment is considered to be one of the fastest-growing sectors, having received $3.6 billion in funding since 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Nutrition Startup GetSupp raises INR 9.5 crore in funding led by General Catalyst, Better Capital

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Nutrition and Supplements Startup GetSupp has raised INR 9.5 crore in funding led by General Catalyst and Better Capital.

Prominent angel investors Saurabh Garg (Founder, NoBroker), Ankit Nagori (Founder, Curefoods), Kunal Shah (Founder, Cred), Rohit Kapoor (Former Global CMO, OYO), Mohit Sud (VP, Marketing, Unilever) also participated in the funding round.

The startup will use the funds to strengthen its technology, improve customer relationships and grow further.

Founded by Arpit Gupta and Deven Vyas, GetSupp is a nutrition and supplement marketplace where users can learn, discover and buy supplements. It offers a personalized post-purchase experience built on AI.

Arpit Gupta, Co-founder of GetSupp, said, “Our mission is to help everyone discover the power of nutrition and how the right supplementation can help overcome fears and greatly enhance the quality of life.”

He futher added, “At this point, the path from discovery to proper use to compliance is broken. This is why supplement use is minimal compared to other countries.” 

Anand Chandrasekaran, Partner at General Catalyst, said, “Today’s consumer is demanding and demanding more. As they look after their well-being and the well-being of their family, they choose a high-quality service that combines the simplicity of a health concierge with the trust and quality of products. GetSupp has a first-class founding team that is building this service and we are excited to work closely with them cooperate.”

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Actress Nora Fatehi follows Varun Dhawan; Invests an undisclosed amount in Curefoods

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Bollywood actress Nora Fatehi has invested an undisclosed amount in cloud kitchen startup Curefoods and became the brand ambassador of Curefoods CakeZone.

With the brand’s support, Fatehi intends to take CakeZone to more cities, in line with its expansion plans to set up 125 stores by the end of 2022.

Founded in 2020 by Ankit Nagori, Curefoods includes various brands including EatFit, Sharief Bhai, Aligarh House Biryani and CakeZone. It operates more than 150 cloud kitchens across 15 cities in India and is looking to expand in India, especially the North Indian market.

Curefoods also recently partnered with Hrithik Roshan’s HRX. In June, Curefoods secured $50 million in its Series C funding round from a group of investors. While in Series A and Series B funding rounds, it has raised more than $80 million in equity and venture debt.

At the beginning of this year, it acquired five D2C food brands and also then announced that it will acquire a total of 35 brands by the end of the calendar year 2022.

In the cloud kitchen segment, it faces competition from Rebel Foods, which operates more than 450 cloud kitchens across the country. According to Tofler’s report, it reported revenue from operations of INR 1.96 crore, while its consolidated losses stood at INR 1.33 crore in FY21.

Nora Fatehi, Actor & Investor, said, “I strongly believe in the promise of CureFoods and am excited to invest in them and support CakeZone. Together we hope to create a lasting impression; both on human lives and taste.”

Ankit Nagori, Founder of Curefoods, said, “Having Nora as an investor in Curefoods is a close integration and connection with her. Her belief in our abilities encourages us to further expand to greater heights.”

This is the second time a Bollywood celebrity has endorsed Curefoods. Earlier, Bollywood actor Varun Dhawan made an undisclosed investment in the cloud kitchen aggregator and also became the brand ambassador of its spin-off company EatFit.

According to the report, India’s cloud kitchen market is projected to touch $2.5 billion by 2028, growing at a CAGR of 17.5% during 2024-2028.

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Burger Singh raises INR 30 Cr Series A Funding; plans to open 120 new outlets

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The homegrown quick service restaurant(QSR) chain, Burger Singh, raised INR 30 in its Series A funding round led by Negen Capital along with Lets Ventures, Mumbai Angels, Old World Hospitality and musician Jasleen Royal. The SALGAOCAR family office also participated in the round.

Existing investors including RB Investments, Rukam Capital, KCT Family Office and V.M. Burger Singh plans to use the fresh capital to open 120 more food court outlets by the financial year 2023.

Burger Singh, founded in 2012 by Kabir Jeet Singh, is a domestic food chain. It operates an asset-based franchise model and in 2014 launched its first branch in Gurugram, Haryana. They are currently looking to expand their business as well as support their existing franchise owners. 

Currently, Burger Singh has more than 80 exclusive food outlets and 12 franchisees across India, including Delhi NCR, Lucknow, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad and more. The restaurant chain claims to have seen 223% growth in the past year (2020).

In 2019, the grocery chain secured money from a slew of investors including RB Investments, Ashish Dhavan and Sanjeev Bhikchandani of Info Edge, among others.

Earlier also in 2016, it raised $1 million from investors like Ashvin Chadda of Beer Café, Dheeraj Jain of Redcliffe Capital), and TV anchor Rannvijay Singh. In the QSR space, Burger Singh competes with Burger King, McDonald’s, Subway, Domino’s and KFC.

Kabir Jeet Singh, Founder of Burger Singh, said, “Our ideology has always been to ensure sustainable growth for our investors. Our compelling business model has weathered two unprecedented global events – the pandemic and inflation. In this round, existing and new investors have again endorsed our mantra.” 

Neil Bahal, founder and CEO of Negen Capital, said, “Kabir and his team have built Burger Singh with excellent unit-level economics that is at par, if not better, than some MNC burger chains.” 

Currently, QSR occupies an important role in the Indian food chain market. The QSR food market in the country pegged at INR 188 billion in FY2020, is likely to cross the INR 500 billion mark by 2025, according to a Statistical report.

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