Sugar Watchers, an FMCG brand aimed at managing diabetes and obesity, has raised an angel round of funding, its cofounder told VCCircle.
Treman Singh Ahluwalia said that angel network Faad has led the round.
AngelBay Network and Ahluwalia's family and friends also participated in this funding, he added without disclosing the amount.
Sugar Watchers, operated by Good Brands for a Healthy Life Pvt Ltd, will use the funds to build up inventory and expand.
The idea for starting the company came when Ahluwalia's mother developed diabetes at the age of 84 and the doctor advised her not to consume foods such as rice and potatoes.
In 2019, Ahluwalia launched Sugar Watchers to market Low Glycemic Index (GI) staples.
These products are not prescriptive, said Ahluwalia, who has over three decades in FMCG, finance and pharma and is known for launching Real Fruit juice at Dabur.
Another cofounder of Sugar Watchers is Arvind Sharma (chairman), former member of global leadership council of advertising agency Leo Burnett Worldwide and chairman and CEO of South Asia operations.
Karan Jain is another cofounder who was an investment banker at UBS.
Cofounder Ananya Raniwala was heading strategy and business development at Mahavir Steel Industries, and has also worked in the investment bank of Citi Group.
Both Jain and Raniwala have studied MBA at the Indian School of Business (ISB).
Sugar Watchers' products, which retail in Mumbai outlets and ecommerce platforms, face competition in some categories. For instance, in the atta segment, ITC Foods' Aashirvaad slow sugar release atta is a rival.
In the rice segment, Sugar Watchers faces competition from small brands online but the poha category has no rivals, said Ahluwalia.
Dinesh Singh, cofounder of Faad, noted that India is the diabetic capital of the world with more than 50 million cases of Type 2 diabetes.
"Sugar Watchers is solving this massive problem by creating a range of low GI-based staples which not only regulate sugar and weight but are also super tasty and healthy to consume," he added.
Faad's was founded by Singh and Karan Verma in 2015. It started with startup services such as legal, content services and public relations, business documentation and cofounder matchmaking.
Aditya Arora joined the group as an intern in 2016 and was promoted to CEO post in early 2019.
Faad’s first investment was in online eyewear marketplace ClearDekho in 2017, which did not involve any equity transactions. Faad evolved into a fully fledged angel network in 2019, and has been actively investing since then.
The angel network typically invests $50,000 to $500,000 in early-stage startups at the seed and pre-Series A stages. It has a sector-agnostic approach but is building its focus on edtech, online gaming, and healthcare and wellness.
Investments include CloudWorx Technologies, a no-code platform for Internet of Things and smart home businesses; and Huviair, a cloud-based productivity enhancement platform for construction and mining industry. Other bets include Blu Smart, an electric taxi-hailing and riding platform; and Saarthi, an educational platform to prepare for government jobs.