Incubation platform Venture Catalysts said on Tuesday it has invested in snacks brand Keeros Foods Pvt. Ltd in the startup's seed funding round.
Lucknow, Uttar Pradesh-based Keeros will use the money to launch more products, Venture Catalysts said in a statement. It didn't disclose the amount it invested.
“We have received great traction so far, selling about 55,000 units since October 2017. With this round of capital infusion we are on track to capture a greater share of the high-potential healthy snacking segment in India,” said Keeros co-founder Sachin Sahni.
Keeros was launched last year and sells products such as multi-seed and multi-grain supersnacks. Its products are available in about 230 retail outlets in Lucknow and Kanpur, and were launched in Delhi-NCR in December. It has also tied up with modern trade brands such as Big Bazaar, Modern Bazaar and Le Marche.
Keeros is present across all major e-commerce marketplaces. The online channel accounts for 30% of Keeros’ sales. Besides, Keeros has tied up with Boxy-Bites, a corporate snacks supplier associated with about 100 organisations.
“Keeros is poised to capture a sizeable share of the Rs 15,000 crore healthy snacking segment with its safe and tasty superfood-based snacks,” said Apoorv Ranjan Sharma, co-founder of Venture Catalysts.
Mumbai-based Venture Catalysts was set up in December 2015 by Sharma, Anil Jain, Anuj Golecha and Gaurav Jain. It typically invests between $250,000 and $1 million in early-stage startups.
Its most recent investments include car financing startup OTO Capital, bike-sharing app Mobycy, medical-technology startup iNICU, operating system maker PrimeOS and virtual trial room startup Try & Buy.
Snacks makers in sight
Several funding deals have been reported in the broader snacks segment in the recent past.
Pune-based Rev Snack Pvt. Ltd, which sells fruit snacks under the brand Frubites, raised an undisclosed amount from Mumbai Angels Network and others last September.
In July, kids’ healthful snack brand The Mumum Co. raised Rs 3.4 crore from wealthy individuals.
In June, Wholesome Habits, which sells healthful snack bars under the brand name Eat Anytime, had raised Rs 3.4 crore in seed funding from early-stage investment firm Sprout Venture Partners and a few rich individuals.
Homegrown private equity firm Rabo Equity Advisors had invested in nutrition bar maker Naturell India.