Scandalous Food, said on Monday, that it has secured $191,923 (Rs 1.6 crore) in a pre-seed funding round from a host of investors including early-stage firms like Anthill Angel Fund, EvolveX, Value360 and Sapphireink Ventures.
Angel investors Sagar Daryani, the founder of Wow! Momo, We Founder Circle’s Vikas Aggarwal, celebrity chef Harpal Singh Sokhi and Kamnaa Aggrawal also participated in the round.
The company will use the fresh proceeds to expand its production unit in Nashik and diversify product portfolio. It also plans to deploy the funding to expand its presence geographically as well as deepen its presence in existing cities like Mumbai, Thane and Nashik.
Founded in 2022, Scandalous Foods offers preservative-free sweets with a six-month shelf life, available in single-serve sizes. Currently a business-to-business (B2B) firm it operates with a focus on cloud kitchens and plans to expand to various food service segments. In the short term, the brand is set to introduce mithai bars and sachets.
“We're planning to enter wedding and corporate catering channels, extending our reach to smaller quick-service restaurants (QSRs) along with piloting a wholesale sweet shop under our brand," said Sanket S, chief executive officer, Scandalous Food.
The Indian National Space Promotion and Authorization Centre (IN-SPACe), the nodal agency in the Department of Space (DoS), said on Monday that it has launched a seed fund scheme for startups using space technology in the urban development and disaster management sector.
As part of the scheme, selected start-ups will receive seed funding for developing their idea into a prototype using space technology, Indian Space Research Organisation (ISRO) facility support including earth observation (EO) data for validation of the concept, mentorship support, and access to data algorithm as transfer of technology from DoS.
The financial assistance, as part of the scheme is up to Rs 1 crore, which shall be divided amongst the selected startups in addition to mentorship support, training and networking opportunities.
“The seed fund scheme is a part of IN-SPACe's efforts to improve the space activity capabilities of the nation with the participation of the start-ups. This scheme is designed to support Indian space start-ups that aim to develop space products and services, thereby improving the quality of life for people and communities in India and around the world,” said Pawan Goenka, chairman, IN-SPACe.