[Funding Alert] Troo Good raises Rs 55 crore from OAKS Asset Management
OAKS Asset Management., a millet-based food maker, on Wednesday said it has raised Rs 55 crore in a Series A funding round from Indian consumer-focussed private equity fund
The Hyderabad-based startup will use the funds to expand in other states across India. Troo Good is currently operational in Telangana and Andhra Pradesh, according to a statement.
“2023 is the International year of Millet and the Indian government too has identified millets as a long-term solution to the Indian food and water resource management issues, besides having significant health and nutritional benefits. Troo Good was selected as the Best Start-up Connected with Public Funds at the Poshak Anaj awards conducted by IIMR, Niti Aayog and the Department of Agriculture in September 2021," said Raju Bhupathi, founder of Troo Good.
Founded in 2018 by Raju, a former consultant, Troo Good sells millet-based products including chikki and namkeen, among other snack products. The firm started by producing millet-based parathas and chapatis. The firm currently sells over 15 million millet snacks every month month across the states of Andhra Pradesh and Telangana.
“Raju is an exceptional founder who has built Troo Good on the pillars of Taste, Affordability and Nutrition. We are convinced that Troo Good will create an extraordinary pan-India nutritional food brand over the next few years. We are excited about partnering with Troo Good on this journey over the next few years,” said Mr. Vishal Ootam, CEO and Founder, OAKS Asset Management.
The Indian snacking market is about $ 12 bn in FY21, the company said, and is expected to grow at over 12% over the next decade. The chikki market in India is estimated to be around $ 1 bn.