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Troo Good millet-based snack brand raises $9 mn in a fresh funding with follow-on investment by Oaks Asset Management
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Thursday, 17 October, 2024, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Hyderabad-based Troo Good, India’s largest millet-based snack brand, has successfully raised $9 million in a funding round led by Puro Wellness. Existing investors Oaks Asset Management and V Ocean Investments also participated, strengthening their support for its growth strategy. This capital infusion will support the company’s efforts in expanding infrastructure, enhancing distribution capabilities, and driving product innovation.
This latest round brings the total funding to approximately Rs 130 crore. The brand last raised Rs 55 crore in a Series A round in November 2021. The company has consistently remained profitable, showing revenue growth year-on-year while competing in the highly competitive FMCG market. The focus on profitability and expanding its retail footprint, online sales channels, and new geographies has cemented investor confidence, as demonstrated by Oaks Asset Management and V Ocean Investments’ continued support, stated the communication note.
Vivek Anand PS, partner, Oaks Asset Management, said, “Troo Good has consistently delivered value year after year, proving the strength of its business model. Our confidence in the brand has only grown, and we are very happy to be part of this next phase of their journey.”
Raju Bhupati, founder and CEO, Troo Good, said, “This funding marks a pivotal moment in our growth as we scale our infrastructure, expand distribution network across India, and focus on innovative millet-based products. We are committed to making healthy, affordable snacks accessible to all and are excited about the opportunities ahead. The funds will help us enhance our manufacturing capabilities, reach more consumers, and innovate with new products that cater to our customer’s evolving tastes and needs. The partnership with Puro Wellness in particular since they bring immense complementary skills and strategic distribution depth to Troo Good.”
The brand will continue to focus on growing its market share in the rapidly expanding healthy snacks segment. It is preparing to establish itself as a leader in the millet-based snack category.
Since its founding in 2018, it has become known for its range of millet-based snacks, including chikkis, protein bars, and Nutri bars. The company sells over 3 million units daily of its popular millet chikkis and other millet snacks. The company has been recognized by the Ministry of Agriculture and Farmers Welfare, Indian Council of Agricultural Research (ICAR), and Indian Institute of Millets Research (IIMR) for its pioneering work in affordable nutrition.
Ruchir Modi, founder, Puro Wellness, said, “This partnership is a natural fit as we expand our mission to build a comprehensive wellness foods platform. Beyond capital, we are bringing our extensive distribution network and strategic expertise to the table, ensuring that Troo Good becomes a household name across the nation. Together, we aim to elevate the wellness food industry and make healthy eating accessible to millions more.”
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