[Funding alert] Lo! Foods raises $1M in pre-series A round led by Chona Family Office
Bengaluru-based FMCG startup Lo! Foods on Friday announced that it has raised $1 million in pre-series A round led by the Chona Family Office, erstwhile promoters of Havmor Ice Cream. Other investors including Ecosystem Ventures, Raveen Sastry (Co-founder, Multiply Ventures), KRS Jamwal, Pratyush Prasanna (Gojek) also participated in this round.
According to the official statement, the fresh funds will be used towards accelerating growth, strengthening existing distribution networks, and ramping up marketing.
Speaking on the investment, Sudarshan Gangrade, CEO and Founder, Lo! Foods, said,
“We are pleased with the further validation of our products and business model from our existing as well as new investors. Our product range has gained tremendous traction, and the response from our customers has been extremely positive. Through our relentless focus on product innovation, we will continue to offer newer products and expand our footprint. The new investment will accelerate our next phase of growth and enable us to further strengthen our presence in the market.”
Started in 2019 by Sudarshan Gangrade, a serial entrepreneur and Former Head of Marketing at Ola; Lo! Foods offers a range of healthy low carbohydrates and keto-friendly packaged products that are quintessentially Indian. Each product is formulated in-house and provides less than three grams of net carbs per serving; making it 60 percent - 80 percent lower than regular products, claims the company.
Lo! Foods Product
It covers all Food occasions - from Staples (Atta) to Snacks (Namkeen, Cookies) and Desserts. The startup has also ramped up to 20 cloud kitchens across Bengaluru, Delhi, Gurugram, and Hyderabad.
Commenting on the investment, Ankit Chona, ex-promoter of Havmor Ice Cream group, added,
“What sets Lo! Foods apart is its deep-rooted connection with the Indian customer. Their vision in creating a range of healthy and tasty products that's familiar to and loved by generations of Indians has been well received in the market. With its strong understanding of the science of nutrition and Indian consumer behaviour, the brand is positioned for incredible future growth and has immense potential to become a category leader. We are excited to be a part of their growth story”
The startup had earlier raised $500,000 from a clutch of angel investors, including Anuj Golecha, co-founder of Venture Catalyst; Rashmi Daga, founder of Freshmenu; Raveen Sastry, Co-founder of Myntra; and Mitesh Shah, CFO of BookMyShow. PC Musthafa, Co-founder and CEO of ID Fresh Food India, and Aditya Somani (serial investor) among others are a part of the advisory team.
The products are also available on its website and on ecommerce sites like Amazon, Flipkart, and BigBasket. In addition to their low-carb products and cloud kitchens, Lo! Foods has also tied up with five-star chains like Hyatt and Sheraton to offer low carb and keto-friendly menu to customers. The company has recently expanded into international markets such as the US, Singapore, and Middle East.