[Funding alert] Singer Sukhbir Singh invests in tech-enabled beverage startup LQI
Gurugram-based beverage startup, LQI, has raised an undisclosed amount of funding from singer turned angel investor Sukhbir Singh, with his very first investment in India.
The investment is a part of $2,00,000 seed funding round, which LQI is raising from angel investors.
The funds will be deployed by the startup to increase the production capacity and the geographical expansion to newer markets.
“LQI’s core differentiator lies within its exceptional product and technology that targets urban youth to upscale lifestyle on a daily basis and parallely helping restaurants to offer fresh beverages to the masses without any hassle,” said Sukhbir.
Founded in mid-2016 by Shubham Khanna, Palak Kapoor, and Kapil Kumar, LQI uses its proprietary technology to manufacture smoothies, milkshakes, and fruit water frozen packs made with 100 percent raw fresh fruit with an increased shelf life of 2.5 months without the use of any colors, flavors, purees or preservatives.
Startup Buddy acted as the exclusive financial advisor of this round.
LQI also received initial angel investment support from Dr Ritesh Malik (Founder, Innov8 - acquired by OYO) and got incubated at Atal Incubation Centre- BIMTECH.
LQI currently works on a B2B2C and HORECA (Hotel/Restaurant/Cafe) model and has tie-ups with around 100+ B2B brands like Pitapit, Innerchef, Donor & Gyros, IHOP, Burgrill, etc.
In May 2019, Mumbai-based Pipal Tree Beverages, a new-age FMCG startup into manufacturing and marketing of dairy-based functional beverages, raised funding from ITI Growth Opportunities Fund.
Earlier this month, Kolkata-based premium gelato brand, Mama Mia! which offers a diverse product portfolio that includes low-fat gelato (vegan and sugar-free options too!), gelato cakes, mouth-watering sundaes, thick milkshakes, mousses etc., received an undisclosed amount in a Pre-Series A round of funding led by Pareto Capital, along with a bunch of High Net Worth Individuals, in exchange for about 20 percent stake.
In May 2019, Drums Food International, the parent company of flavoured and greek yoghurt brand, Epigamia, secured an undisclosed amount from actor Deepika Padukone.