Delhi-based healthy and pure food startup Sattviko has raised an undisclosed amount of strategic funding from marquee investors led by Ashish Gupta, an angel investor and founder of Helion Venture.
Other investors include Sunil Chandiramani- Former India Head, Ernst & Young Advisory, and others senior private equity professionals.
Founded in 2014 by Prasoon Gupta, Ankush Sharma, and Rahul Gupta, Sattviko runs quick-service restaurants and offers sattvik (pure) food – without onion and garlic – and also sells ayurvedic products through its online marketplace.
Its products are currently available in 25 cities across India including large institutions such as Taj Hotels and SpiceJet.
Talking to Inc42, Prasoon Gupta, co-founder and Director, Sattviko said that the company plans to use the funding to reach INR 30 Cr topline in next quarter and also expand into international geographies.
The company plans to expand into US, UK and the Middle East. Explaining the reason for selectively targeting these countries, Gupta explained that Indians will be the early adopter of its products and they are influential across these countries.
Sattviko claimed to be profitable from July 2016 and had a revenue run rate of $1 Mn (INR 7 Cr) per annum growing almost 20% month on month.
Going forward, for FY18, Gupta said that Sattviko has targeted to reach $4.29 Mn (INR 30 Cr) revenues and aims to reach $10 Mn (INR 70 Cr) in FY19-20.
Here’s a quick summary of fundings and acquisitions by Sattviko:
- GHV Accelerator led an undisclosed amount of funding in Sattviko in October 2017
- An undisclosed amount of Pre Series A funding from a bevy of angel investors in September 2017
- It had raised around $300K (INR 2 Cr) in an angel funding round in February 2016 and also counts Raman Roy, Chairman and managing director at Quatrro BPO Solutions as investors
- In November 2015, the company acquired Jaipur-based food delivery startup CallOnMeal.
- In August 2016, it acquired FYNE Superfoods, a Delhi-based packaged food products company for an undisclosed amount.
In the space, Sattviko competes with the likes of Eat.Fit, SaleBhai, Petoo.in among others.
SaleBhai enables people living away from home order a range of specialities directly from their hometowns and by doing so, it is becoming a discovery platform for all unique items across India.
The company recently launched its IPO on July 27 and is looking to raise INR 23.73 Cr through the BSE’s SME platform.
On the health front, we have Cure.Fit’s food vertical Eat.Fit which offers healthy food options like Power meal, oatmeal, healthy drinks etc.
Morgan Stanley has pegged India’s food delivery and take away market has been at $19 Bn. The sports, fitness, and wellness industry in India is poised to be a $90 Bn industry by 2022, growing with a CAGR of 17%.
The driving factors for this growth include demand levers like affluence, sedentary lifestyle, and increasing awareness about health and fitness, backed by robust supply drivers.