Healthy snacks company Happilo on Monday said it has raised $25 million (Rs 186 crore) in a fresh round from homegrown private equity fund Motilal Oswal Private Equity (MOPE).
Earlier this month, VCCircle had first reported that MOPE was in advanced stage to invest.
The fundraise will be primarily used by the firm for product expansion across healthy snacking categories, acquisition of synergistic food brands, capacity expansion and deepening the distribution infrastructure.
“Partnering with MOPE will help accelerate our growth plans and significantly scale the business from current levels. Their prior experience of investing and working with category leaders within the food and beverages segment will add significant value,” said Vikas Nahar, CEO at Happilo.
Happilo, launched in 2016 by Nahar, claimed to have emerged as one of the prominent players in dried fruits, nuts, organic seeds and dry roasted snacks segment. It offers over nine kinds of nuts, including brazil nuts, pine nuts, macadamia, hazelnuts, among others. Besides, the brand also supplies dates, seeds, berries and dried fruits such as dried kiwi and dried papaya.
It also claims to be offering over 100 SKUs (stock keeping units) across all modern leading retail stores, channel partners, online platforms, and general trade stores. The startup had raised $12 million from A91 Partners in February 2021.
“Our investment in Happilo marks our entry into the tech enabled consumer franchisees who have the first mover advantage in large unorganized categories,” said Vishal Tulsyan, MD at MOPE.
