Hyderabad: Troo Good, a millet snacks maker, has raised Rs 55 crore ($7.4 million) in its Series A funding round led by OAKS Asset Management. The Hyderabad-headquartered company will use these funds to expand its business from Telugu States into several other States across India.
The company began producing millet-based chapatis and parathas. The company sells 800 parathas/chapatis a day across schools, IT companies and sky kitchens.
Troo Good introduced India’s first millet chikki based on a unique formulation using different types of millets three years ago. The company manufactures Millet Chikkis from its three factories in Telangana & Andhra Pradesh. It is planning to open another five new factories in the coming months in other States.
The company is currently operating at around Rs 70 crore annualised revenue run rate. By taking these new funds, it has plans to expand its product portfolio by introducing new millet-based products and is aiming to clock Rs 250-300 crores in the next 3 years. Troo Good earlier raised $1 million from AppLabs founder Sashi Reddi and his family in the seed round.
“2023 is the International year of Millet and the Indian government too has identified millets as a long-term solution to the Indian food and water resource management issues, besides having significant health and nutritional benefits,” said Raju Bhupati, CEO & Founder, Troo Good.
Troo Good has created a proprietary production methodology incorporating many types of millets as well as peanuts and has grown to a size that gives it significant economies of scale in procurement, production, distribution and marketing. The company is further creating a range of other millet-based products that will take advantage of the existing distribution channel.
Kenneth Serrao, chief investment officer, OAKS Asset Management, said, “The company is crafting a unique story by bringing the traditional world of millets together with the art of modern packaging and high-quality product creation.”
Source: Telangana Today