Exclusive: The Good Bug Raises $3.5 Mn From Sharrp, Fireside Ventures

Mumbai-based D2C startup The Good Bug has raised $3.5 Mn (about INR 30 Cr) in its Series A extension round from Sharrp Ventures – the family office of Marcio Group chairman Harsh Mariwala. 

According to the startup’s RoC filing, the funding round also saw participation from its existing investors – Fireside Ventures and cofounder Keshav Biyani. 

The startup allotted 630 Series A1 and Series A2 compulsory convertible preference shares (CCPS) to the three investors to raise the funding. These CCPS will be converted into equity shares in 1:10 ratio during the next fundraise, as per the filing.

Of the INR 30 Cr, the startup has already received INR 20 Cr. The remaining amount is expected to be received soon. 

A query mail sent to The Good Bug on the fundraise didn’t receive any response till the time of publishing this story. 

The startup is likely to utilise the fresh capital to expand its product portfolio. 

The funding round comes almost a year after The Good Bug raised $3.5 Mn in its Series A funding round, led by Fireside Ventures. The round also saw participation from Future Group founder Kishore Biyani’s daughters Ashni and Avni’s Think9 Consumer Technologies. 

It is pertinent to note that Keshav Biyani is the nephew of Kishore Biyani. 

Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, The Good Bug offers a range of gut health and wellness products that help individuals with lifestyle chronic issues such as bloating, constipation, weight loss through gut health, among others. 

The startup reported a sales of INR 2.79 Cr in the financial year 2022-23 (FY23) as against INR 0.26 Cr in the previous fiscal year. It incurred a net loss of INR 3.9 Cr during the year as against INR 0.15 Cr in FY22. 

It competes against the likes of Power Gummies, Man Matters, among others. 

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