Troo Good, India’s largest millet snacks company, raises INR 55 crore (7.4 Million USD) in Series A Funding from OAKS Asset Management!
(L-R) Raju Bhupati, CEO & Founder, Troo Good & Kenneth Serrao, Chief Investment Officer, OAKS Asset Management; with the products of MFORMILLET FOODS Pvt Ltd.’s - India’s largest millet based snacking company, Troo Good; at a press conference, today at Park Hyatt.
Company to set up 5 new factories in this financial year & enter Chhattisgarh market by December
Hyderabad, November, 2021: Troo Good, the market leader of the Indian millet snacks industry, has raised INR 55 crore in its Series A funding round led by OAKS Asset Management. The Hyderabad-headquartered company will use these funds to expand their business from Andhra Pradesh and Telangana into several other states across India, as well as achieve their mission of serving nutritious and affordable snacks to 1 crore children every day. Currently, the company serves nearly 10 lakh children every day and expects this number to go up significantly as they open new markets.
Troo Good originally began producing millet based chapatis and parathas. From selling 800 parathas/chapatis a day across schools, IT companies and sky kitchens, it is today the largest producer of millet based food items in India.
By the end of 2018, Troo Good introduced India’s first millet chikki based on a unique formulation using different types of millets. This was extremely rewarding for the Company, and it became the flagship product for Troo Good. Kids relished the taste, while it is both nutritious and affordable. The combination of health, taste and affordability made Troo Good the snacking brand of choice among millions of consumers, and these continue to be the guiding tenets for the Company.
Troo Good manufactures Millet Chikkis from its 3 highly templatized factories spread across in Telangana & Andhra Pradesh, two of which are in Hyderabad and one at Rajahmundry. It is planning to open another 5 new factories in the coming months in the new states that it is poised to enter. The idea is to open these factories locally within the states to provide employment and to reduce the burden of transportation & logistics and pass on those economic advantages to its consumers. The company will be setting up factories at Nellore, Vizag, one in Telangana. We will be entering Chhattisgarh markets in December this year and will set up a factory there in the next six months. The Company also has plans to foray into Haryana market in the near future.
Troo Good is currently operating at around INR 70 Crore annualized revenue run rate and has been consistently EBIDTA positive. By taking these new funds it has plans to expand product portfolio by introducing new millet based products and is aiming to clock 300 Crores in the next 3 years. Currently the company has 14 products and will continue to build new and innovative products, which are of daily use.
“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” says Raju Bhupati, CEO & Founder, Troo Good. We have come a long way in creating a robust pipeline of products and corresponding expertise and are now looking to scale up rapidly, he adds.
Troo Good was selected as the Best Start-up Connected with Public Funds at the Poshak Anaj awards conducted by IIMR, Niti Aayog and the Department of Agriculture in September 2021.
Troo Good earlier raised 1 Million USD from AppLabs founder Sashi Reddi and his family in the Seed round. Sashi Reddi has been the mentor for a long time and funded Troo Good in its formative years with a great faith in me beyond the business potential, Raju Bhupati added. The funds raised now will be heavily invested into brand building.
