Wipro Consumer Venture Arm Picks Up Minority Stake In Snack Brand Let’s Try

Delhi NCR-based snack brand Let’s Try has bagged an undisclosed funding from Wipro Consumer Care & Lighting’s venture arm Wipro Consumer Care – Ventures, with participation from existing investor 100Unicorns (erstwhile 9Unicorns).

With this investment, Wipro Consumer Care – Ventures also claims to have picked up a minority stake in the company.

With the freshly raised capital, Let’s Try looks to expand its market presence and challenge established brands in the snacking industry, according to a statement.

Talking to Inc42, Sumit Keshan, managing partner, Wipro Consumer Care – Ventures, said, “In this investment of Let’s Try, our stake is at the lower end of the range. Let’s Try’s understanding of product innovation, consumer behaviour, and market trends uniquely positions them to expand rapidly, and challenge established brands.”

On Wipro Consumer Care – Ventures’ further investment plans, he said that this year it is also looking for 1-2 more bets across food and personal care sectors.

Founded in 2021 by Nitin Kalra, Let’s Try offers a variety of products including namkeens, mixtures, roasted channa and cookies, selling predominantly through digital formats. The company uses in-house manufacturing to ensure quality and innovation.

Kalra said, “We aim to leverage the new funding into opportunities to propel Let’s Try towards becoming one of India’s most promising brands.”

Let’s Try claims to be doing an annualised revenue run rate in excess of INR 50 Cr. 

The latest bet also marks Wipro Consumer Care – Ventures’ 12th investment overall and second in the food sector after their investment in Baker’s Dozen. 

The total size of Wipro Consumer Care – Ventures’ fund now stands at INR 450 Cr, combining the INR 200 Cr from the first fund and INR 250 Cr from the Second Fund launched in December 2023.

This investment comes as Wipro Consumer Care – Ventures launched its second fund in December 2023 with a corpus of INR 250 Cr, focusing on consumer startups in India and Southeast Asia. 

The fund’s first corpus of INR 200 Cr, launched four years ago, has made 10 investments with part exits from two, achieving a 10x increase in a short period.

Let’s Try operates in a competitive market alongside players like EAT Anytime, The Whole Truth, Naturell India, Soulfull, and Snackible. 

The Indian snacks market reached INR 42,694.9 Cr in 2023 and is projected to grow to INR 95,521.8 Cr by 2032, with a CAGR of 9.08% from 2024 to 2032. 

The healthy snacks segment is expected to grow at a CAGR of around 6.8% from 2024 to 2029.