Ice Popsicle Brand Skippi Nets Funding From Hyderabad Angel Network, Venture Catalysts, Others

Ice popsicle brand Skippi has raised INR 10 Cr ($1.2 Mn) in a Pre-Series A funding round co-led by Hyderabad Angel Network and Venture Catalysts.

The round also saw participation from Soonicorn Ventures, HEM Securities, along with a clutch of angel investors. 

Besides, the startup said it is seeking to secure an additional INR 7 Cr soon. 

Speaking with Inc42, Ravi Kabra, CEO and cofounder of Skippi, said that the additional INR 7 Cr will be a part of the same round, and talks are on with a few investors on the same.

The capital will be primarily allocated to brand building and marketing initiatives, with a focus on enhancing working capital, driving new product development, and hiring key leadership personnel for the next phase of growth.

Kabra said, “40% of the funds will be allocated to branding and marketing, 30% for working capital, 10% for hiring the next level of leadership team, and 20% for new product developments.”

Skippi claims to have raised INR 10 Cr in total funding till date.

“With this funding, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team,” Kabra added.

It is pertinent to note that in 2022, Skippi bagged investments from Shark Tank India Season 1 from all six sharks – Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal – who collectively invested INR 1.2 Cr for 18% equity stake. Since then, the startup has reported an 80-fold increase in monthly revenues, soaring from their initial figures of INR 5-7 Lakhs.

“Before appearing on Shark Tank we were at an ARR of INR 60 Lakhs (annual run rate) currently we are projecting INR 60 Cr to INR 100 Cr this year,” said Kabra.

Apoorva Ranjan Sharma, cofounder and managing director of Venture Catalysts ++, said, “Skippi’s strong brand presence and rapid growth make them an attractive investment opportunity. This strategic move aims to boost Skippi’s market presence and innovate within a booming industry driven by rising disposable incomes and changing consumer preferences.”

Launched in 2021 by Ravi and Anuja Kabra in Hyderabad, Skippi Ice Pops is available in over 20,000 outlets nationwide. The startup offers popsicles in more than five flavours, cream rolls and cornsticks via an omnichannel retail business model. 

The products are made using all-natural ingredients and flavours and use only RO water for their ice pops. Skippi sells via its website and quick commerce apps such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. 

It also has a distribution network of 200+ stockists and distributors across India. The startup claims to manufacture its products using a patented technology.

As per IMARC, the Indian ice cream market, valued at INR 228.6 Bn in 2023, is projected to reach INR 956.0 Bn by 2032. This growth trajectory is fueled by several factors, including growing consumer preference for indulgence, and the introduction of innovative products by leading brands.

While Skippi claims to be the first ice pops brand in India, other brands like Havmor, Kwality Wall’s, Mother Dairy, Vadilal, Creambell, Amul, Natural Ice Cream, Giani’s, and Dinshaw’s also offer a variety of ice popsicle options.