Hocco Cofounder’s D2C Healthy Snacking Brand phab Nets $2 Mn

Ice cream brand Hocco cofounder Ankit Chona’s D2C healthy snacking brand Phab has raised $2 Mn (around INR 17 Cr) in its seed funding round led by OTP Ventures. 

The round also saw participation from Capri Global, Sim&San law firm, and other angel investors. 

phab plans to deploy the capital to further expand its team and double down on its efforts to boost its presence across both online and offline channels. 

Founded in 2018 by husband-wife duo Ankit and Gayatri Chona, phab sells protein bars and healthy milkshakes. The D2C brand leverages Ankit’s decade long experience in the restaurant and food industry and Gayatri’s expertise as a certified nutritionist. 

The startup claims to have sold over 2 Mn units so far. It sells its offerings via ecommerce and quick commerce platforms such as Amazon, Flipkart, Zepto and Blinkit, among others. 

The healthy snacking brand saw its standalone operating revenue decline 12% to INR 5 Cr in the fiscal year 2023-24 (FY24) from INR 5.7 Cr in FY23, as per its filings accessed from Tofler. However, phab also trimmed its net loss by nearly 3% to INR 6.8 Cr in the fiscal year under review from INR 7 Cr in FY23. 

phab competes with the likes of Yoga Bar, Beyond Snack and The Whole Truth in the nutrition snacking industry to grab a share in India’s food and beverages market, which is set to become a $68 Bn opportunity. 

The funding round comes at a time when more and more Indians are making conscious food choices and are adopting healthy alternatives. Buoyed by rising disposable income and growing internet penetration, many are flocking to online brands to buy healthier and nutritional snacks. As a result, investors are lining up in droves to back such brands. 

Earlier this month, nutrition-focussed D2C startup Good Monk raised $2 Mn in pre-series A round led by RPSG Capital Ventures. In January, healthy food brand Salad Days bagged INR 30 Cr in its Series A round co-led by V3 Ventures and Client Associates Alternate Fund.