The F&B company will be using the funds to expand its team, scale operations and widen its product offering.Debolina Biswas
Bengaluru-based food and beverage (F&B) brand &Me raised a follow-on investment round from existing investor Matrix Partners India. Consumer VC Fund Sauce.vc also participated in the round.
The company will be using the freshly raised capital to expand its team, scale operations nationally, and widen its product offering. According to ROC filings, Matrix invested Rs 5.6 crore.
Merhaki Foods and Nutrition, &Me's parent company, was founded by IIT and Stanford graduate Ankur Goyal in September 2017. He had previously worked with F&B companies like Nestle and PaperBoat.
The brand &Me blends Ayurveda and modern science to manufacture 'bioactive lifestyle beverages' for women. The company targets solving lifestyle challenges and discomforts associated with menstruation, beauty, fat metabolism, and Polycystic Ovarian Syndrome (PCOS), among many more.
In a statement, Ankur said: "The response from the market has been overwhelming and satisfying. We've received a lot of warmth from our consumers who have experienced instant relief after consuming the PMS drink. We are determined to solve many such challenges for women in the most convenient, healthy, and tasty formats. Our journey so far has proven our belief that women are looking for products created especially for them."
Matrix Partners India recently closed its Fund III with a committed capital of over $300 million. It plans to continue investing in companies across seed, early-stage, Series A and B stages in different sectors.
Sanjot Malhi, Vice President of Matrix India, said, "We believe that the $1 billion plus market for functional foods and beverages is still coming of age in India. &Me's core differentiator lies within its exceptional product and brand positioning that targets urban Indian women whose daily lifestyle denies them the benefit of essential micronutrients. As early investors in &Me, we consider ourselves privileged to partner with Ankur. Our investment is true to our broader thesis of investing in home-grown consumer brands."
Matrix Partners' current portfolio includes Ola, Practo, MSwipe, Dailyhunt, Treebo, and Limeroad. They also invested Rs 70 crore in milk brand Country Delight, last month.