[Funding alert] Food startup Samosa Singh raises $2.7M in Series-A round led by She Capital
Bengaluru-based food startup Samosa Singh has raised funding of $2.7 million in a Series A round led by She Capital. The round also saw participation from Fireside Ventures, Equanimity Investments, AL Trust, and Japan-based AET Fund.
With this funding Samosa Singh is looking to scale up its operations and production capabilities. The team also has plans to expand into multiple cities and is looking to launch a cloud-kitchen model.
"We currently have an average size of 25,000 orders a day, and looking to push the capacity further," says Nidhi Singh, Co-founder, Samosa Singh.
She added, “Samosa Singh was born from a simple realisation – in India, leisure time and snack foods are both inextricably linked to the country’s cultural fabric. And what food better exemplifies our country than the versatile samosa. Through Samosa Singh we’ve found a way to strengthen this bond, and by positioning ourselves as leaders in the under-penetrated and fragmented gourmet snack market are poised for immense growth.”
Samosa Singh currently operates in Bengaluru and Hyderabad, with plans to establish and consolidate its presence in South India in the coming year. Since its founding in 2016, it has partnered with leading national brands such as INOX, PVR Cinemas, and Café Coffee Day, among others.
Speaking of the funding, Shikhar Veer Singh, Co-founder and CEO said in a press statement,
“Passion for our product drives everything we do, and we’re thrilled to have found a set of partners whose ideals align with ours. Their backing and experience will allow us to expand our presence pan-India and increase our production capacity manifold, enabling samosa lovers across the country to experience the change.”
Anisha Singh, Founding Partner, She Capital stated,
“As our first investment , Samosa Singh led by Nidhi is a great embodiment of this vision. What excited us about them is the unique insights & innovation that Nidhi & Shikhar bring to one of the most consumed snacks in the country. Building on technology, scientific research & key consumer insights without diluting the experience or quality for end users is what makes this brand a great bet.We’re excited to partner with them as we make Samosa Singh a house-hold name”
Samosa Singh became operationally profitable in 2017. The startup then had a revenue run rate of Rs 5 crore.
Vinay Singh, Founding Partner, Fireside Ventures, stated,
"India is ready for the next leap in great consumer brands. Samosa Singh has taken a nostalgic Indian snack and created a buying/consuming experience that’s in line with millennials’ habits and attitudes. We’re excited to partner with Shikhar and Nidhi to reinvent Indian snacking."
Yuki Kawamura, Partner, AET Fund, said,
“The AET Fund is committed to collaborating with businesses that help enable joyful experiences. Our investment in Samosa Singh is a great example of that. Food has always been synonymous with leisure and entertainment across the globe. By prioritising the emotional and nostalgic value of samosas, and highlighting them as a key food to pair with movies, Samosa Singh has succeeded in turning food into entertainment - a feat that’s completely unique in this space, Owing to scaled entertainment avenues in the country coupled with accessibility, affordability and demand, we see Samosa Singh re-creating the local fast-food category in India in unique ways.”
India has a massive food market—it was pegged at $193 billion, and Samosa Singh is targeting that market.
Rajesh Sehgal, Managing Partner, Equanimity, said,
“Samosa Singh delivers world-class, standardised delicacies by integrating technology in each step of their process. This ensures the management team is focused on continuous product enrichment, driving business growth and delivering unparalleled customer delight. We are delighted to partner with Shikhar and Nidhi in their journey to make the samosa, even more delectable and accessible for all Indians, globally”.
(Edited by Evelyn Ratnakumar)