[Funding alert] Foodtech startup GO DESi raises Rs 4.5 Cr from Rukam Capital
Foodtech startup GO DESi has raised Rs 4.5 crore from Delhi-based Rukam Capital, which invests in early-stage consumer products and services companies. Other investors who participated in the round include AngelList and Upaya Social Ventures.
According to a statement released by the company, the funds will be used to expand operations, launch a larger portfolio of products, and spread geographically.
Bengaluru-based GO DESi is a packaged food brand inspired by local flavours and regional formats, entirely manufactured at micro-units in rural and semi-urban areas.
Speaking on the funding, GO DESi Founder Vinay Kothari, said:
“Our growth in the last two years has shown the consumer acceptability of DESi flavours and formats at the point of sale. Convenient price points have helped us generate quick trials and adoptions in both online and offline channels. GO DESi products are free of all preservatives. We believe in the mantra “EAT GOOD, DO GOOD”. GO DESi, is our attempt to revive not only traditional tastes but also our rich heritage of homemade recipes & memories associated with those tastes. We plan to utilise the funds to expand our reach, build a stronger team, and add to the portfolio of our products.”
GO DESi was founded by former ITC Limited professional Vinay Kothari in 2018. Currently, GO DESi operates in the confectionery/point of sale category. The brand offers traditional flavoured food products like Imli Pop, Jackfruit bars, Banana Bites, Lemon Chaat, Amla Bites and more.
“GO DESi has exhibited fast-paced growth in the first round of seed funding. Their ability to revive traditional flavours in their products and generate income opportunities in rural areas is an attractive business model with significant market potential. Through this investment, GO DESi will get the support required to scale the business and play a significant role in reviving the traditional tastes of India in the packaged food space,” said Archana Jahagirdar, Rukam Capital’s Managing Partner.
In 2018, GO Desi raised Rs 1 crore in funding led by Lead Angels Network with participation from Angel Investors including serial entrepreneur and co-founder of Sify, R Ramaraj.
(Edited by Megha Reddy)