Delhi-based health food restaurant chain Sattviko has raised a round of follow-on funding from a series of angel investors including Quattro founder Raman Roy and, others. The amount of funding remains undisclosed.
Former COO at ValueServe Ashish Gupta, Nucleus Software’s founder Yogesh Andlay, and Vaibhav Jain, Founder Swastika Company (Dubai, Hong Kong) also participated in the round. Other investors who were also part of the round are Gaurav Khurana, Microsoft; Vinnie Mehta, ED at ACMA, Kevin Freitas, InMobi’s HR Leader; Former Head of Product Management Wipro, N Ravikiran; and G Ravishanka, Former CEO of Jet Airways.
The investment will be focussed on a specific business vertical of the startup i.e. scaling up its packaged food business both operationally and geographically. The funding will also be used to launch a new branch of the business, an IoT-based vending machine for corporates, in the next three to four months, as claimed by the founder Prasoon Gupta.
Clip Financial and LetsVenture have been instrumental in facilitating the deal.
Speaking on the investment, Sattviko founder Prasoon Gupta said, “At Sattviko, we have always focussed on top and bottom line, when it comes to raising funding. Our major focus while securing funding has been to scale operations on every level. With this round, we plan to scale operations as well as increase our distribution channels in Gujarat, our next area of expansion.”
Aiming to redefine the healthy dining sector, Sattviko was founded in 2013 by Prasoon Gupta, Ankush Sharma, and Rahul Gupta. It runs quick-service restaurants and offers sattvik (pure) food – food without onion and garlic – and also sells ayurvedic products through its online marketplace. The company also introduced its delivery service in February last year.
Expanding To New Verticals
In November 2015, the company acquired Jaipur-based food delivery startup CallOnMeal. In February this year, Sattviko also raised around $300K (INR 2 Cr) from angel investors Sumit Jain, co-founder of CommonFloor.com, Rajat Jain non-executive Director at Xerox India & Former Managing Director – Xerox India and Sanjay Bhasin, Vice President of Samsung’s Network Business.
In August 2016, it acquired FYNE Superfoods, a Delhi-based packaged food products company for an undisclosed amount.
Sattviko claims to be profitable from July 2016 which has led to the scaling up of its operations, according to the founder. Speaking about future product offerings, Prasoon stated, “We have a product under development where employees at offices can create their user profiles based on age, weight, diet preferences using the IoT vending machine and the machine will then suggest healthy snack options for the employee when they are hungry.”
The idea behind the machine is to replace traditional fattening snacks such as chips, cookies etc. and replace it with more organic, “ethnic and lost Indian food products which have an emotional connect with people.”
Other startups in the space who have raised funding are Yumlane, Maiyas Beverages and Foods Pvt. Ltd and Mambalam Iyers Food Products Pvt. Ltd.