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Snacks maker Adukale raises Rs 11 crore in funding round

Economic Times

Economic Times · 1y ago

Snacks maker Adukale raises Rs 11 crore in funding round

Indian direct-to-consumer snack and instant food provider Adukale has raised INR 11 crore ($1.5m) in a funding round led by venture fund Force Ventures. The company plans to use the funds to expand its offline presence, with the opening of 12 new stores and expansion into 2,500 supermarkets and retail stores within the next 14 months. Adukale currently operates over 20 exclusive stores and is present in over 1,200 supermarkets. The company aims to be profitable at an earnings before interest, taxes, depreciation, and amortisation level within the next 12-18 months.

Related News

D2C Snacks Brand Adukale Bags Funding To Scale Offline Outlets

Inc42 · 1y ago

D2C snacks brand Adukale has secured INR 11 crore ($1.3 million) in a pre-Series A funding round led by Force Ventures. The company plans to use the funds to invest in manufacturing, R&D, and expand its physical outlets and distribution network. Founded in 2009, Adukale sells namkeens, blended spices, and instant food items both online and through its physical stores. The Indian snacking market is projected to reach INR 95,521 crore by 2032, creating opportunities for new players in the sector.

NuVentures backs traditional snacks brands Adukale

Entrackr

Entrackr · 12m ago

NuVentures backs traditional snacks brands Adukale

Omni-channel FMCG brand Adukale has raised funds from early-stage backer NuVentures as part of its ongoing round. Earlier this year, the Bengaluru-based firm had raised Rs 11 crore in a round led by Force Ventures with participation from Aanya Ventures, Accel’s partner Subrata Mitra, among others. The ready-to-eat and ready-to-cook brand plans to scale its products and has recently opened up a new 20,000 square feet production facility on the outskirts of Bengaluru, which will increase production capacity over fourfold. Founded in 2009 by Kaushik, Adukale claims to offer over 75 products, created with natural, preservative free ingredients. The brand has established a distribution network across Karnataka having presence across super markets. Adukale also has 20 experience centres in Bengaluru and Mysuru and a growing e-commerce presence. It currently has a portfolio of around 60 products, which includes a diverse selection of masalas, chutneys, instant mixes, snacks, and sweets. NuVentures has been actively looking to back D2C brands and help them scale. It had earlier invested in skincare brand Foxtale. Its portfolio companies include Mu Sigma and Acko, PocketAces, Foxtale, Geist Beer and Third Wave Coffee, among others.

Startup news and updates: Daily roundup (August 12, 2024)

YourStory

YourStory · 12m ago

Startup news and updates: Daily roundup (August 12, 2024)

Mumbai-based luxury men's brand, Haldèn has raised Rs 5 crore in a seed funding round led by Prajay Advisors. Infinyte.Club, an investment platform, raised $3.6 million in seed funding led by Elevation Capital. AI-driven travel tech startup Ziptrrip secured Rs 2 crore in pre-seed funding. HealthCRED, a healthcare finance platform, raised $1.2 million in a seed funding round. Real estate technology platform Truva raised $3 million in seed funding. MiClient, an AI-driven B2B sales enablement platform, secured Rs 3.9 crore in seed funding. Gupshup, a conversational experience cloud company, hired 20% more employees to meet demand. Adukale, a domestic snacks brand, received funding from NuVentures. US grocery conglomerate Hy-Vee opened an office in Bengaluru. Standard Chartered Bank named Aditya Mandloi as Head of Wealth and Retail Banking in India and South Asia. Asset management firm Pace360 launched a new PMS strategy called Tresor Smart Alpha. KL Rahul invested in AI-powered mixed-reality publishing platform Flam. Karan Johar joined the Fashion Entrepreneur Fund as investor and promoter. CARS24 launched a super app offering various car-related services. T-Hub selected 20 startups for its sustainability cohort. Former India cricket captain Sourav Ganguly joined the board of consulting firm Blue Ocean Corporation as Non-Executive Director.

Shiprocket raises $11 Mn from McKinsey at flat valuation

Entrackr

Entrackr · 1y ago

Shiprocket raises $11 Mn from McKinsey at flat valuation

Shiprocket, a logistics and supply chain solutions provider, has raised Rs 90.7 crore ($11 million) in an extended Series E funding round led by McKinsey's investment arm, AFOS LLC. This marks the first equity funding round for Shiprocket this year. Following the investment, McKinsey will hold a 0.91% stake in the company, valuing it at $1.23 billion. Shiprocket offers integration services to retailers for their e-commerce platforms and turned unicorn in August 2021. The company reported a revenue of Rs 611 crore in FY22 and a loss of Rs 93 crore.

Snacking brand Natch raises Rs 3Cr in a seed round led by AVF, DSP Group’s family office

IndianStartupNews

IndianStartupNews · 1y ago

Snacking brand Natch has secured Rs 3 crore in a seed funding round led by Artha Venture Fund (AVF). The funds will be used to expand Natch's omnichannel presence, optimize distribution networks, and drive innovation in product development. Natch offers natural, gluten-free, and vegan snacks that are free from artificial ingredients. The brand has witnessed significant growth in revenue and customer touchpoints, with e-commerce contributing to 15% of its total sales. The Indian snacks market is projected to see a 9.01% CAGR until 2028, presenting promising opportunities for Natch.

Yellow Diamond-maker Prataap Snacks gets new promoters as Peak XV exits

VCCircle

VCCircle · 10m ago

Yellow Diamond-maker Prataap Snacks gets new promoters as Peak XV exits

Authum Investment and Infrastructure Ltd and Mahi Madhusudan Kela are set to acquire a significant minority stake in Prataap Snacks, a packaged snacks company. This transaction will provide an exit for existing investor Peak XV Partners. The deal involves the acquisition of 1.02 crore and 11 lakh shares of Prataap Snacks by Authum and Kela respectively, for a total of Rs 846 crore. Additionally, an open offer will be triggered, allowing Authum and Kela to acquire up to 26% stake in the company. Prataap Snacks will continue to be listed, with Authum becoming the promoter.

EV maker Euler Motors raises Rs 120 crore in down round

Economic Times

Economic Times · 1y ago

EV maker Euler Motors raises Rs 120 crore in down round

Euler Motors, an electric vehicle maker in India, has raised Rs 120 crore in a down round of funding. The funding round was led by ADB Ventures, Vision Ridge Partners, and A91 Partners. Euler Motors plans to utilize the funds to expand its operations and increase its manufacturing capacity. The company aims to make commercial electric vehicles mainstream in India and accelerate the adoption of green mobility solutions.

Healthy snack maker Madmix raises funding in a pre-seed round

IndianStartupNews

IndianStartupNews · 1y ago

Healthy snack maker Madmix raises funding in a pre-seed round

Healthy snack maker Madmix (formerly Daily Staple) has secured an undisclosed amount in its pre-seed funding round, following two years of bootstrapping. The funding was led by Prime Securities, Authum Investments, and Team India Managers. Madmix, founded by Gaurav Palrecha, offers millet-based snacks and ready-to-cook products. The raised capital will be used for marketing, sales team expansion, and product development. The brand sells its products in both domestic and international markets, including Nepal, Hong Kong, New Zealand, and the USA.

Indian Snack House raises Rs 2.2 Crore in pre-seed funding led by Titan Capital

Economic Times

Economic Times · 1m ago

Indian Snack House raises Rs 2.2 Crore in pre-seed funding led by Titan Capital

Indian Snack House, a clean-label D2C brand founded in 2023 by Rajakumaran and Anbarasan, raised Rs 2.2 crore in a pre-seed funding round led by Titan Capital. The funds will be used to expand into more cities and online platforms and grow their product range to include popular South Indian snacks. The brand aims to bring authentic South Indian flavors to homes across India and globally, filling a market gap noticed by the founders.

Troo Good raises $9 Mn led by Puro Wellness

Entrackr

Entrackr · 9m ago

Troo Good raises $9 Mn led by Puro Wellness

Troo Good, a millet-based snack brand, has raised $9 million in a new round led by Puro Wellness. Existing investors Oaks Asset Management and V Ocean Investments have also participated. Entrackr had exclusively reported about the funding earlier this month. The company has raised around Rs 132 crore (around $15.7 million) to date including its Rs 55 crore in a Series A led Oaks Management in November 2021. According to the startup data intelligence platform TheKredible, Troo Good will be valued at Rs 322 crore or $38 million post-allotment. The proceeds will be used to support the company’s efforts in expanding infrastructure, enhancing distribution capabilities, and driving product innovation. Founded in 2018 by Raju Bhupati, Troo Good is a Hyderabad-based company that sells millet-based snacks, including chikkis, protein bars, and nutri bars. The company claims to sell over 2 million millet chikkis and other millet snacks every day. While the firm has yet to report FY24 numbers, Troo Good recorded a modest 7% growth in revenue, rising to Rs 52.7 crore in the fiscal year ending March 2023. However, effective cost management enabled Troo Good to achieve profitability during the same period. It competes with Slurrp Farm, which raised $7.2 million in January this year, as reported exclusively by Entrackr.

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