Wholesome Habits Pvt. Ltd, which sells healthy snack bars under the brand name Eat Anytime, has raised $500,000 (Rs 3.43 crore) in seed funding from early-stage investment firm Sprout Venture Partners and a few high-net-worth individuals.
“The funding would be primarily used for marketing, branding, increasing the distribution network and launching new products in the healthy snacks category,” said Rishit Sanghvi, founder of Wholesome Habits.
Sahil Gupta, partner at Sprout Venture, said Eat Anytime has seen “good traction” with its health bars and has lined up “innovative products” for the future. “This is one of the fastest growing categories in the organised snacking market,” he said.
Incorporated in 2016, the Mumbai-based company was founded by Sanghvi and Rohit Garodia. It houses a team of food technologists, chefs and dieticians for product curation. Its products include sweet and savoury snack bars in various flavours.
It has presence in more than 500 stores in Mumbai, Pune, Bangalore, Chennai and Hyderabad. It also sells through online marketplaces, its own website and various institutional channels.
The company plans to launch its products in other cities such as Delhi and Ahmedabad in near future.
Sprout Venture Partners
The ticket size of the fund ranges from $200,000 to $500,000. It focuses on technology companies and consumer brands at seed and pre-Series A stage.
The current deal marks the fifth investment by the fund. Its other investee companies include artificial intelligence and virtual reality startup Absentia Virtual Reality, fintech venture Goals101 Data Solutions and visual blogging platform Trell, according to its website.
In the snack bar category, homegrown private equity firm Rabo Equity Advisors has invested in nutrition bar maker Naturell India, VCCircle reported earlier this month.