[Funding alert] Parle Biscuits invests in Series A round of FMCG startup WIMWI Foods
Bengaluru-based FMCG startup, WIMWI Foods raised an undisclosed amount in its Series A funding round from Parle Biscuits.
According to the startup, it will use the capital to grow its range of healthy granola bars (called ASAP Bars), strengthen the distribution network of its products as well as onboard senior hires across key functions in the company.
Founded in March 2014, by IIM-Ahmedabad alumni Srishti Shaw and Kanupradeep Subramanian, FMCG startup WIMWI Foods aims to introduce healthier food choices from across the world into Indian kitchens and homes.
The startup raised its Pre-Series A round in November 2016 from Chennai-based investors T.N. Bhoovarahan and Gowri Subramanian.
Speaking on the fund raise, the founders of WIMWI Foods said,
“The investment from Parle biscuits is validation of the team's vision of ASAP bars as a brand and product. As strategic investors with immense repute, Parle brings formidable experience to the table, which will go a long way in building ASAP Bars going ahead.”
At present, the startup is focussed on building its sales in both the conventional mass-market (mom and pop stores) as well as modern trade channels (ecommerce). This is a growth from 2017 when the startup was focussing more on niche retail channels like airlines (including Air Asia, Air Vistara, and major domestic airports).
Mayank Shah, Senior Category Head, Parle Products, commented,
"ASAP bars offers a strong value proposition for the young urban segment. By using premium quality ingredients and a focussed channel strategy, ASAP Bars has differentiated itself from similar offerings in the market. The team at ASAP bars is doing a wonderful job in building up the brand, and we would like to help them take the brand to the next level with our expertise."
When asked about, future plans, the founders said, “We have a wonderful product in ASAP bars. We hope to grow our brand value further and establish as the go-to snack bar for busy urban consumers.”
The brand plans to reach 50,000 retail points, selling its products by the end of this year.
(Edited by Saheli Sen Gupta)