OM Bhakti, a puja cotton-wicks manufacturing startup has raised an undisclosed amount in its seed funding round from incubator and accelerator Venture Catalysts.
In a statement, Apoorv Ranjan Sharma, President and Co-founder of Venture Catalysts said,
“The spiritual market in India is estimated to have a valuation worth $30 billion annually. Additionally, the total addressable market is $2 billion, which comprises puja samagri items. However, this sector is highly fragmented. OM Bhakti is one of few players that is making conscious efforts to make the market organised. We are confident that the latest round of investment will go a long way in empowering the company to bolster its operations.”
Sridhar Joshi, Co-founder, OM Bhakti, said, “We are part of a high-potential market that still remains untapped in major parts. We are determined to transform the ‘puja needs’ category at modern retail and general trade. The seed funding will give us more firepower to expand into new geographies and strengthen our marketing efforts”.
OM Bhakti was founded by management consulting and business strategy veteran Sridhar Joshi and consumer product sales and distribution expert Prashant Kulkarni.
The startup claims to have a pan-India presence across more than 1,000 stores across the country. The product is available on major online grocery platforms, national supermarket chains, as well as nearby kirana stores.
OM Bhakti works closely with farmers and women self-help groups in rural India to manufacture the high-quality puja cotton-wicks. Its business model is claimed to have been yielding results in all channels, with good traction in the FMCG retail industry.
Venture Catalysts invests in early-stage startups that have the potential to create enduring value for over a long period. It helps startups with capital, mentoring and business network.
Last month, it invested in a smart helmet startup, Altor, which offers Internet of Things (IoT) and Artificial Intelligence (AI) enabled helmets to the B2B segment.
(Edited by Saheli Sen Gupta)
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