Troo Good has secured $9 million in a funding round led by Puro Wellness to expand its infrastructure and distribution network for millet-based snacks in India.
This funding aims to boost product development, with the Hyderabad-based company maintaining its focus on millet-based snacks, increasing total investment to INR 130 Cr.
The company sells over 3 million units daily, reported a 7% revenue growth last fiscal year, and competes effectively in the FMCG sector.
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Millet-based snack brand Troo Good has secured $9 Mn (INR 75 Cr) in a fresh funding round led by Puro Wellness, along with participation from existing investors Oaks Asset Management and V Ocean Investments.
The Hyderabad-based company plans to use the fresh capital to scale its infrastructure, expand its distribution network across India, and focus on developing millet-based products.
Founded in 2018 by Raju Bhupati, Troo Good specialises in manufacturing and selling millet-based snacks, including chikkis, protein bars and nutri bars.
Bhupati said, “With this we can scale our infrastructure, expand our distribution network across India, and focus on innovative millet-based products. We are committed to making healthy, affordable snacks accessible to all and are excited about the opportunities ahead.”
The latest round brings Troo Good’s total funding to around INR 130 Cr. The company previously raised INR 55 Cr in a Series A round in 2021. Troo Good has remained consistently profitable, showing revenue growth year-on-year while competing in the highly competitive FMCG market.
Vivek Anand PS, Partner at Oaks Asset Management said, “Troo Good has consistently delivered value year after year, proving the strength of its business model and the exceptional leadership of founder Raju Bhupati.”
Troo Good currently claims to sell over 3 Mn units daily of its popular millet chikkis and other millet snacks. In the fiscal year ending March 2023, the company recorded revenue of INR 52.7 Cr, showing a 7% growth.
India’s healthy snacking space has been gaining a lot of traction from investors for quite some time now.
For instance, last month, fresh fruits and vegetables platform Pluckk acquired D2C nutrition brand Upnourish for $1.4 Mn to bolster its nutrition play. Earlier that month, D2C bread brand The Health Factory secured $3.5 Mn in a seed funding round led by Peak XV Partner’s accelerator programme Surge.
Earlier this year, children-focused snacking brand Slurrp Farm raised $7.2 Mn from investors including Fireside Ventures and Raed Capital.
The Indian D2C market is projected to reach $100 Bn by 2025, according to an Inc42 report. According to reports, the food and beverage (F&B) industry is expected to grow to $ 691.47 Bn by 2030 .
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