[Funding alert] Food and beverages brand Storia raises $6M from Sixth Sense Ventures
, a food and beverages brand, has raised $6 million in a Series A round of funding from Sixth Sense Ventures.
Storia will utilise the fresh round of funding to expand the business, release new products, and build a distribution network across the country. The core brand of the startup is Shakes, a no-sugar juice and natural tender coconut water.
Storia is aiming to be the go-to food and beverage brand of choice for the next generation of health-conscious consumers.
Storia Foods & Beverages founder and MD Vishal Shah
On the funding received, Vishal Shah, Founder and MD, Storia said, “Sixth Sense and Storia, both, believe in a similar value system of investing in a consumer of tomorrow, today, which makes us a great fit. We, at Storia, feel a great responsibility towards what our consumers eat, and being a brand that has been R&D driven, we’ve been able to remain true to serving products that are delicious, convenient, sustainable to the environment, and inspire a healthier lifestyle.”
Launched in 2017, Storia has an omnichannel distribution strategy which sells through general and modern trade, online marketplaces, and through its own website. Storia is present across 33 cities in India across 50,000-plus retail outlets.
The consumer brand startup claimed that it has maintained positive growth in FY21 despite the impact of the COVID-19 pandemic.
Sixth Sense Ventures Founder and CEO Nikhil Vora said, “The Storia story is one that we, the Sixth Sense team, believe is in line with the evolution of the Indian consumer. Even though beverages as a category is one of the toughest consumer categories to crack, we do believe that the right strategy of distribution (offline focused) and a well-rounded product portfolio (targeting niche segments and expanding into related categories), can be a strong combination to crack the space.”
The evolving consumer profile in the country has led to the emergence of new businesses which are taking the online route to reach out to specific use case segments.