It’s not just the technology or mobility services start-ups anymore, the fledgeling firms in Indian food and snacks segment as well are now getting bullish on fund-raising.
Bengaluru-based food start-up Samosa Singh has raised a total of $2.7 million (Rs 17 crore) in a Series A funding round led by SHE Capital, with participation from Fireside Ventures, early-stage fund Equanimity Investments, Japan-based AET Fund, and the AL Trust.
The fresh capital will enable the Indian snacks brand, founded in 2016, to scale up its operations, increase its production capabilities, and expand to multiple cities, while also allowing it to enter households through their cloud kitchen model quick delivery.
Led by Shikhar Veer Singh and Nidhi Singh, Samosa Singh aims to expand in 100-plus cloud kitchens by the end of 2020.
“We have found a set of partners whose ideals align with ours. Their backing and experience will allow us to expand our presence across India and increase our production capacity, enabling samosa lovers across India to experience the change,” said Shikhar, co-founder and CEO, Samosa Singh.
The company currently operates in Bengaluru and Hyderabad, with plans to establish presence in South India next year.
In June 2019, Gurgaon-based Indian food start-up Biryani by Kilo (BBK) raised $5 million from IvyCap Ventures in Series A round of funding.
“BBK have 20 outlets spread across New Delhi, NCR, Mumbai, Mohali, Ludhiana and Chandigarh. The company has a strategic plan to establish a strong pan-India footprint and expand into select international markets such as UAE and UK in the next 3-5 years. We aim to build a network of over 120 outlets, generating a collective revenue of Rs 450 crore by FY 2022-23,” said Kaushik Roy, founder and CEO, Biryani by Kilo.