[Funding alert] Sweetish House Mafia raises Rs 12 Cr from Adar Poonawalla, round led by Ashika Group
Mumbai-based cookie chainon Wednesday said that it has raised Rs 12 crore (about $1.7 million) from Indian Billionaire and CEO of Serum Institute Adar Poonawalla. Investment banking firm under , Ashika Capital Limited, facilitated the funding.
Chirag Jain, CEO, Ashika Capital (left) and Mihir Mehta, Senior Vice President - Investment Banking, Ashika Group (right)
Ashika Capital completed the fundraise within three months from its initiation. Mihir Mehta, Senior Vice President, Ashika Capital Limited, said,
“Sweetish House Mafia has the status of an iconic neighbourhood brand that has immense growth potential, and an investment from Adar comes as a great validation.”
Sweetish House Mafia was founded by Neha Sethi and Aakash Sethi in April 2013. Besides retailing its mouth-watering cookies via foodtech aggregators Swiggy and Zomato, Sweetish House Mafia is also planning to open more stores where it is already present - Bengaluru, Mumbai, Pune, and Kolkata.
According to media reports, the confectionary firm will use the freshly raised funds to expand to newer cities, including Delhi, Hyderabad, Ahmedabad, and Chennai. Further, it will also strengthen its operations in the existing cities, and also plans to deploy newer business verticals, including planning to launch its ecommerce platform soon.
Speaking on the growth aspects in the food and retail market, which is expected to grow at a CAGR of 10 percent in the next five years, Mihir further said,
"A few levers that will push this sector will be strengthening of the supply chain infrastructure, increasing disposable incomes, growing spend proportions, and higher internet penetration, resulting in better awareness, and lastly, the availability of larger financial and human capital.”
Ashika Capital has previously worked with brands including Devigarh Palace, Bohri Kitchen, Pernia's Pop Up Show, and Vipul Limited. It also assisted luxury fashion label House of Masaba to raise its first round of funding, led by marquee entrepreneur, Binny Bansal.
Ashika Capital is currently working with Sweetish House Mafia for its next fundraise.
(Edited by Suman Singh)