The round was led by Alkemi Venture Partners
The startup plans to use the funds in expanding the portfolio
It aims to launch one new product category each month until FY20-end
Delhi-based organic and health products startup Akiva Superfoods has raised $2 Mn (INR 13.6 Cr) in a Series A funding round. The round was led by Alkemi Venture Partners.
The startup plans to use the funds in expanding the portfolio by adding a wide range of innovative superfood-based products across categories and getting the right talent across functions. It will also invest towards expanding in new markets and bolster retail channels through high impact marketing.
Prior to this round, the company has raised an undisclosed amount of funding from investors such as Zomato cofounder Pankaj Chaddah, MindTickle cofounder Mohit Garg, Max Healthcare CEO Rajit Mehta, OYO New Real Estate CEO Rohit Kapoor, current and former partners of McKinsey & Co and other investors.
Founded in 2016 by Shalabh Gupta, Akiva Superfoods is a startups offering superfood preparations that are unique, convenient and easy to consume. The products are a combination of quality ingredients at an affordable price range.
“Our ultimate aim is to be an innovative and exciting independently-run FMCG company, with a capacity to scale exponentially across Tier 1 and Tier 2 cities in the next five years,” said Shalabh Gupta, founder and CEO, Akiva Superfoods.
The company plans to introduce new expansions across the year with the target of launching one new product category each month until the end of FY 19-20.
A spokesperson from Alkemi said, “With robust direct-to-consumer, e-commerce and modern trade channels, Akiva Superfoods is data-rich, close to their customers and uses meaningful insights to develop products to scale. This is in-line with Alkemi’s mission of elevating the health and well-being of people around the world, and we are confident that this round of funding will propel the organisation to drive real value.”
As the increasing modern-day working population becomes health conscious and demands for gluten-free, fat-free, carb-free and organic products, data shows that more than half of urban population today suffers from lifestyle diseases in India and this proportion is rising rapidly.
According to a report by business consultancy firm RNCOS titled “Indian Snacks Market Forecast to 2023,” healthy snacks segment holds a very small share in the total snacks market, however, this is set to change rapidly. Along the same lines, ‘Beverages: Indian Scenario’ report, says that the health beverages market currently stands at $300 Mn and is the fastest growing market among beverages.