[Funding alert] Kids’ food and nutrition startup Lil' Goodness raises Rs 5 Cr from Beyond Next Ventures
Bengaluru-based kids’ food and nutrition startup Lil' Goodness has raised Rs 5 crore in a seed round of funding from Japan-based venture capital Beyond Next Ventures (BNV).
The new investors in the round included Beyond Next Ventures, led by President Tsuyoshi Ito, and Executive Officer Mayu Morishima. Top business leaders such as Sajan Pillai, former CEO-UST Global, and General Partner - Season two Ventures; the family of Lalit Pai, ex-CEO, Nightingales Healthcare; and Dr Muthu Krishnan, ex-CEO Tata Health, had also earlier invested in the seed round.
Founded by IIM Calcutta alumnus Harshavardhan and nutrition expert Pariksha Rao, LiL' Goodness is a packaged food brand which is designed to build immunity in kids using vegetables, cereals, and milk in crackers, porridges, and shelf-stable yoghurts.
Its products are currently sold across 67 stores in Bengaluru, and through online delivery via Amazon.
Lil’ Goodness also owns and operates sCoolMeal, a fresh meal brand, and has partnered with 55 educational institutions in Bengaluru, serving around 1,800 orders per day. sCoolMeal products are available at educational institutions, kids’ activity centres, and at home through Swiggy.
Commenting on the fresh funding support, Harshavardhan, CEO, Lil’ Goodness, in a statement said,
“Given the current circumstances, this is indeed a good boost for the entire team. We, at ‘Lil’ Goodness’, have the vision to positively influence the eating habits of our future generations through tasty, nutritious food options. We are already preparing ourselves for the new normal once this pandemic ends, and are confident that our extreme focus on immunity-based nutrition, highest standards of food safety, and hygiene will be rewarded by our consumers.”
The startup plans to use the investment to expand its product range, distribution network, and production capacity, as well as develop a digital interface that will enable mothers to order products directly to their homes through a contactless delivery option for the fresh meals business sCoolMeal.
Commenting on the funding, Tsuyoshi Ito, President, and Mayu Morishima, Executive Officer, Beyond Next Ventures said,
"We are quite excited by the vision of the founders - Harshavardhan and Pariksha - in building a scientific food and nutrition brand-focused on the kids. There is a huge opportunity for growth in this space especially as mothers look for healthy and hygienic solutions in the current context of COVID-19. We are impressed with the differentiated business model of the enterprise that combines the range between fresh meals and packaged foods, enabled by technology, and with a deep focus on principles of good nutrition”.