[Funding alert] Indian Angel Network backs Bihar-based traditional superfood startup Sattuz
Indian Angel Network, a pioneer in the seed and early-stage investing, has recently invested in Sattuz.
Owned and operated by Gorural Foods & Beverages, the Bihar-based brand is facilitating improved access to the goodness of foods and beverages of rural India for the global consumer base comprising new-age, health-conscious individuals.
IAN investors Hari Balasubramanian and Vikas Kuthiala led the funding round and will join the company board at Sattuz post investment.
Hari Balasubramanian, Lead Investor, IAN said,
“The Indian consumer is always looking for new and healthy non-alcoholic beverages with distinct taste and Sattuz comes as a unique option for beverage lovers not just domestically but also across the world. We hope state governments like Bihar where people consume Sattu also start recognising and supporting startups which are looking to build FMCG brands from traditional Indian food items.”
Incorporated on February 28, 2019, Gorural Foods & Beverages was founded by Sachin Kumar and Richa Kumari with the vision of providing a tasty and healthy alternative to carbonated and caffeinated beverages currently flooding the market.
Sachin Kumar, Founder, Sattuz, said,
“People today – especially the younger generation – are very selective regarding what they eat and drink and how it will affect their health. Naturally, they realize the value of consuming non-carbonated and non-caffeinated beverages as part of a healthy diet.”
“But the problem is that such products have very limited availability, especially in India. And add to it the challenges faced by people with fast-paced or travel-centric lifestyles who seek healthy food on the fly. Through Sattuz, we aim to fill this void. Not only do the drinks under this brand offer instant energy and nutritious boost to consumers but also give them a dollop of the natural goodness of rural food and beverages.” he added.
According to the startup, the non-alcoholic beverage industry currently stands at over Rs 200,000 crore and Sattuz – on the back of its nutritional benefits and ease of transportation – is well-placed to disrupt this high-value market. The company is targeting to capture 1-2 percent of market share over the next five years.
Gorural Foods & Beverages claims to be the first startup from Bihar, which has received investment from IAN and some members of BIA (Bihar Industries Association).
With investors from 11 countries, IAN’s presence spans seven locations, which includes cities in India and the UK. The network is sector agnostic and has funded startups across 17 sectors in India and 7 other countries growing global footprint companies. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
Through its Rs 450 crore VC fund, IAN offers a platform for seed & early stage, where entrepreneurs can raise from Rs 25 lakh to Rs 50 crore of funding.