The Mumbai-based company has a product range of milkshakes and other packaged beverages
It is trying to tap into the growing market of health conscious consumers
The funds raised will be used to release new products and expand the distribution network
Beverages brand Storia Foods and Beverages raised $6 Mn in Series A funding from Sixth Sense Ventures. The freshly infused capital will be used to develop and release new products, scale up the distribution network and expand business across the country.
Storia’s main product line comprises shakes, 100% natural packaged coconut water, beverage whitener and street style juices. Founded in 2017 by Vishal Shah, Storia has a presence across 33 cities in India across more than 50,000 retail outlets.
According to Goldstein Market Intelligence, India’s packaged non-alcoholic beverages market is expected to grow at a CAGR of 16.2% to reach $20.4 Bn by 2030. Geographically, tier-I cities accounted for the highest revenues with a 55% market share. Fruit juices are the category with the highest market share at 25.3%.
Mumbai-based Storia is looking to tap into the growing market for packaged and healthy food and beverages. In recent times, the beverages segment has received the investor limelight with a large number of deals being reported compared to pre-2020. Startups in segments such as tea, coffee to fresh juice, the health drink segments have bagged funding rounds.
For example, Mumbai-based FMCG company Drum Food International, Epigamia’s parent company, had raised $25.58 Mn in series C funding to expand its distribution network and product range. However, another brand Raw Pressery, once valued at INR 500 Cr, was sold for INR 100 Cr earlier this year.