[Funding alert] Former Ola Exec's Lo! Foods raises $500K from angel investors
Lo! Foods, a Bengaluru-based low carb and keto-friendly range of packaged foods brand, on Thursday announced it has raised $500,000 in seed funding from a clutch of well-known angels from financial and FMCG vertical.
Some of the angels who participated in this round include Anuj Golecha, Co-founder, Venture Catalyst; Rashmi Daga, Founder, Freshmenu; Raveen Sastry, Co-founder, Myntra; Mitesh Shah, CFO, BookMyShow; Sunil Chhabra, Advisor & Founding team member, Jumbotail; and Gaurav Arora, Chief Investment Officer, ASK Wealth.
Speaking on the investment, Sudarshan Gangrade, Founder, Lo! Foods, said,
“Lo! Foods was started with a single purpose - to build a truly healthy product that works. A brand that creates a healthy and low-carb keto-friendly food that is inherently Indian. Our products have seen great traction and validation with our consumers, with extremely high monthly repeats. Top FMCG and Financial executives coming on board to invest and mentor the company is another strong validation of the prospects we have as an organisation. We believe we are now ready to further scale up our operations to the next level.”
Founded in early 2019 by former Ola senior executive Sudarshan Gangrade, Lo! Foods range of products includes atta, biscuits, snacks, namkeens, and chocolates. The products are available on health platforms like Freshmenu, Eat Fit, and ecommerce sites like Amazon, Flipkart, and Bigbasket.
With the infusion of fresh funds, Lo! Foods will look to further scale up its online presence aggressively.
Anuj Golecha, Co-founder, Venture Catalyst, said,
“As an investor, I meet multiple startups trying to solve a real problem. Sudarshan from Lo! Foods stood out for his attempt to solve a very real and pressing health issue in India – obesity, diabetes, and cardiac risks.”
(Edited by Megha Reddy)