Millet snacks company Troo Good on Wednesday said it has raised Rs 55 crore ($7.43 M) in its Series A funding round led by private equity firm OAKS Asset Management.
The Hyderabad-based company plans to use the capital to expand its business in several states in the country, said Troo Good in a statement. Currently, the company has a presence in Hyderabad and Andhra Pradesh.
Operated by Mformillet Foods Pvt Ltd, Troo Good was founded in 2018 by Raju Bhupathi. At the start, the company produced millet-based chapatis and parathas and sold them across schools and IT companies. Bhupathi noted that the company has come a long way in creating a robust pipeline of products, and is now looking to upscale rapidly.
In the last three years, the company sold around 100 M products. It expects to touch Rs 100 crore in revenue in the next 18 months, after clocking Rs 12 crore in the first year of its operations.
OAKS Asset Management was set up in 2015. In March this year, the private equity firm launched its second fund to invest in consumer start-ups and mid-sized companies.
OAKS Consumer Fund’s target corpus is Rs 500 crore (around $68 million), with a greenshoe option of Rs 250 crore (~ $34 million). The private firm's investments include CredAble Hero Electric and Foodlink.