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Wipro Enterprises set to back D2C food brand Anveshan

Entrackr · 9m ago

Medial

D2C healthy food brand Anveshan is raising Rs 29.86 crore (approximately $3.5 million) in its Series A round, led by Wipro Enterprises, with participation from existing investors DSG Consumer Partners, Titan Capital, boAt co-founders Aman Gupta and Sameer Mehta, and AngelList. According to its regulatory filings accessed from the Registrar of Companies (RoC), Anveshan's board has passed a special resolution to issue 1,178 Series A CCPS and 10 equity shares at an issue price of Rs 2,51,367 each to raise the aforementioned amount. The filings further state that the company plans to utilize the fresh capital to strengthen its long-term financial resources. According to Entrackr’s estimates, the D2C brand’s valuation is set to surge 2.7X to R 430 crore (approximately $51 million), compared to $19 million in its previous funding round. Founded in 2020 by Aayushi Khandelwal, Akhil Kansal and Kuldeep Parewa, Anveshan provides minimally processed food products prepared in rural areas. It creates food micro-entrepreneurs in villages across India who make these food products using traditional practices. It ensures the quality of the food product for the customers, along with social and economic upliftment of the Indian farmers. The company’s current product portfolio includes A2 cow ghee, wood-pressed edible oils, raw honey, healthy sweets, beverage mixes, and a variety of other natural food products. Anveshan has raised approximately $4.5 million to date, including $2 million secured in its pre-Series A round in September 2022, led by DSG Consumer Partners. According to TheKredible, DSG Consumer Partners will be the largest external shareholder in the company with a 16.59% stake, while new investor Wipro Enterprises will hold a 3.49% stake. In the fiscal year ended March 2024, Anveshan reported an 85% year-on-year increase in operating revenue to Rs 58 crore, up from Rs 31.3 crore in FY23, while narrowing its losses by 24% to Rs 5.7 crore. Anveshan competes with the new age organic health food brands like Vedic, Auric, Kapiva, Two Brothers Organic Farms, Rosier Foods and others. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.