SUMMARY
TABP Snacks and Beverages, which leads food brand Tanvi Foods, has raised INR 20 Cr in a Pre-Series A funding round led by LC Nueva AIF and angel investor Arun Mukherjee
Angel investors including Koushik Chatterjee of Tata Steel, and Aniruddha Sarkar of Quest Investment, among others also participated in the funding round
TABP plans to use the fresh capital to expand in new territories, strengthen research and development activities and its production capacity
TABP Snacks and Beverages, which leads food brand Tanvi Foods, has raised INR 20 Cr in a Pre-Series A funding round led by LC Nueva AIF and angel investor Arun Mukherjee.
Angel investors including Koushik Chatterjee of Tata Steel, and Aniruddha Sarkar of Quest Investment, among others also participated in the funding round.
TABP plans to use the fresh capital to expand in new territories, strengthen research and development activities and its production capacity.
Founded in 2019 by Prabhu Gandhikumar, the Tamil Nadu-based food brand is a subsidiary of The Gandhikumar Group. It sells a range of snacks and cold drinks, priced between INR 5 and INR 10.
“It has been some really exciting years of growth for TABP. After coming back from the COVID-related slowdown, we have shown tremendous growth. We feel we have not even scratched the surface and just getting started. This year we are planning to expand into the east and west geographies of India,” Gandhikumar said.
Gandhikumar also shared that in the third quarter of 2022-23, the food startup grew 172% as compared to the corresponding quarter in the previous year.
The food startup follows an offline distribution network to sell products. It claims to be connected with 648 distributors and also has a presence in 1.19 Lakh retail outlets in Tamil Nadu, Kerala, Andhra Pradesh, Karnataka, Maharashtra and Odisha, as per its LinkedIn page. It also aims to clock INR 100 Cr GMV in FY23.
“Very proud of what Prabhu and his team have accomplished over such a short period. The way TABP handled Corona for consecutive years and still grew handsomely showcases the robust foundation of the company. With tailwinds on TABP side now, the company is set to pen a rich scripture of its own,” said Arun Mukherjee.
In India, it competes with the likes of DFM Foods, Kettle Studios and Balaji Wafers, among others.
According to a Statista report, the country’s food market is pegged at $963.6 Bn in 2023. The market is expected to grow at a CAGR of 7.23% during 2023-2027.
