Company Troo Good to set up 5 New Factories in this financial year
Troo Good, India’s largest millet snacks company, raises INR 55 crore (7.4 Million USD) in Series A Funding from OAKS Asset Management!
Hyderabad, November, 2021: Troo Good, the market leader of the Indian millet snacks industry, has raised INR 55 crore in its Series A funding round led by OAKS Asset Management. The Hyderabad-headquartered company will use these funds to expand their business from Andhra Pradesh and Telangana into several other states across India, as well as achieve their mission of serving nutritious and affordable snacks to 1 crore children every day. Currently, the company serves nearly 10 lakh children every day and expects this number to go up significantly as they open new markets.
Troo Good originally began producing millet based chapatis and parathas. From selling 800 parathas/chapatis a day across schools, IT companies and sky kitchens, it is today the largest producer of millet based food items in India.
By the end of 2018, Troo Good introduced India’s first millet chikki based on a unique formulation using different types of millets. This was extremely rewarding for the Company, and it became the flagship product for Troo Good. Kids relished the taste, while it is both nutritious and affordable. The combination of health, taste and affordability made Troo Good the snacking brand of choice among millions of consumers, and these continue to be the guiding tenets for the Company.
Troo Good manufactures Millet Chikkis from its 3 highly templatized factories spread across in Telangana & Andhra Pradesh, two of which are in Hyderabad and one at Rajahmundry. It is planning to open another 5 new factories in the coming months in the new states that it is poised to enter. The idea is to open these factories locally within the states to provide employment and to reduce the burden of transportation & logistics and pass on those economic advantages to its consumers. The company will be setting up factories at Nellore, Vizag, one in Telangana. We will be entering Chhattisgarh markets in December this year and will set up a factory there in the next six months. The Company also has plans to foray into Haryana market in the near future.
Troo Good is currently operating at around INR 70 Crore annualized revenue run rate and has been consistently EBIDTA positive. By taking these new funds it has plans to expand product portfolio by introducing new millet based products and is aiming to clock 300 Crores in the next 3 years. Currently the company has 14 products and will continue to build new and innovative products, which are of daily use.
“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” says Raju Bhupati, CEO & Founder, Troo Good. We have come a long way in creating a robust pipeline of products and corresponding expertise and are now looking to scale up rapidly, he adds.
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.
Troo Good earlier raised 1 Million USD from AppLabs founder Sashi Reddi and his family in the Seed round. Sashi Reddi has been the mentor for a long time and funded Troo Good in its formative years with a great faith in me beyond the business potential, Raju Bhupati added. The funds raised now will be heavily invested into brand building.
About the Indian snacking market
The Indian snacking market is about US$ 12 bn in FY21 and is expected to grow at over 12% over the next decade. The chikki market in India (where Troo Good is one of the largest organised players) is estimated to be around US$ 1 bn. This market is completely unorganised – dominated by large local players and home cooking outfits. The core product (nuts + jaggery + sugar) is consumed across India with different names (chikki, pallipatti, peanut burfi, peanut bar etc.)
Troo Good has already created a proprietary production methodology incorporating many types of millets as well as peanuts and has grown to a size that gives it significant economies of scale in procurement, production, distribution and marketing. Alongside this flagship product, Troo Good is also creating a range of other millet-based products that will take advantage of the distribution channel that the chikki product is opening up for the Company.
Kenneth Serrao, Chief Investment Officer, OAKS Asset Management; said, Raju and Troo Good are exactly the kind of rare founder and business that we look to partner with at OAKS. The company is crafting a unique story by bringing the traditional world of millets together with the art of modern packaging and high quality product creation. We are very excited to be partnering Troo Good and helping it grow its footprint from AP and Telangana where it currently operates to the rest of India.
About Troo Good
Troo Good (www.TrooGood.com) is India’s largest millet based snacking company and a multiple-award winner among millet start-ups in India. Troo Good currently (circa 2021) sells more than 15 million healthy and nutritious millet snacks a month to different sections of population across the states of AP and Telangana. It has been contributing significantly towards meeting the nutritional needs of children through its flagship millet chikki. Troo Good’s growth has been fuelled by great word of mouth from school children, school principals and organic sales from kirana stores network.
About OAKS Asset Management
OAKS Asset Management (www.oaksamc.com) is a prominent Indian consumer focused private equity fund. The team has built a track record of successfully backing experienced entrepreneurs who are building some of the largest and most scalable businesses in India. The OAKS Connected Capital® network includes some of the most prominent investors and family offices in India and across the globe. OAKS is often the first external capital in most of their portfolio companies. The OAKS team specializes in providing long-term growth capital and is actively involved in working closely with their portfolio businesses. OAKS is headquartered at Nariman Point, Mumbai and is regulated by the Securities and Exchange Board of India.
Easemint Advistory Service, A Mumbai based boutique consulting firm, has been the financial advisor for this funding thread.
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