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Skippi raises Rs 10 crore from Pre-series A round led by HAN and VCATs
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Wednesday, 05 June, 2024, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Skippi, India’s leading ice pop brand and a standout from Shark Tank India Season 1, has announced that they have raised Rs 10 crore Pre Series A round led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs). The round also saw significant participation from Soonicorn Ventures, HEM Securities, and several angel investors. The company is in discussions to secure an additional Rs 7 crore in the coming weeks. The capital will be primarily allocated to brand building and marketing initiatives, with a focus on enhancing working capital, driving new product development, and hiring key leadership personnel for the next phase of growth.
Launched in 2021, the company’s leading ice pops brands are available in over 20,000 outlets nationwide and through major online platforms such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. The company’s expansion and innovative product offerings, including the recent introduction of cornsticks and cream rolls, aim to reach a Rs 100 crore valuation and bring joy to families across India.
The company bagged investments from Shark Tank India Season 1 from all six sharks – Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal – who collectively invested Rs 1.2 crore for an 18% equity stake. Since then, its growth has been nothing short of remarkable, with monthly revenues soaring 80 times from their initial figures of Rs 5-7 lakh.
Ravi Kabra, CEO and co-founder of Skippi, said, “This funding is a big step for Skippi as we work to become a top FMCG brand in India. We are very thankful for the support from our investors, including our valued sharks. With this money, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team.”
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