INDIA – Slurrp Farm, a Gurugram-based startup offering healthy snacks and mealtime options for young children, has raised US$2 million in a Series A funding round led by Fireside ventures.
Fireside ventures, the lead investor in the round, invests across early growth stages of businesses with a focus on consumer brands.
Following its investment, Kanwaljit Singh, founder and managing partner at Fireside Ventures, is reported to have joined Slurrp’s board as a member.
According to a report by Deal Street Asia, Slurrp Farm plans to use the funds to support its product innovation plans as well as in increasing marketing for its products.
The healthy snacks startup also plans to use part of the funds to increase its inventory and strengthen its team as well as in bolster its direct-to-consumer channel.
Commenting on the investment, Co-founder of Slurrp Farm, Shauravi Malik, said: “We wanted to bring onboard institutional investors who truly understand the need for inflection and real change in the health food market.”
Malik noted that they had been in touch with Fireside for a while now and that the investor had their “DNA, tremendous insight, and proven history to help grow challenger FMCG brands like us”.
Among many lifestyles changes the Coronavirus-induced lockdown has brought about, one major one is snacking and indeed food habits to a great extent.
As most people in India stayed confined in their homes during the pandemic, anxious and anticipating what’s next, ready-to-eat savouries become instant companions, offering satisfaction as well as a sense of contentment.
But amid the snacking was an epidemic that made people conscious of not only their health but that of their children.
In a survey, about 90 percent of those surveyed admitted to being more wary about health, cleanliness and safety issues post COVID-19.
Yet, the guilty pleasure snacks – a coping mechanism tool – have also retained their charm for consumers.
To strike a balance consumer have turned to healthy snacks which provide a sense of contentment but do not increase exposure to diseases.
According to a research by Reportlinker, the Global Healthy Snacks Market size is expected to reach $32.3 billion by 2025, rising at a market growth of 5.07% CAGR during the forecast period.
In India, Bizongo estimates that healthy snacks accounts for a conservative 2% of the country’s snacks market accounting for over US$116 million in annual revenues.
But as consumers become increasingly aware of their food habits in India, this market is also expected to grow at a rate faster or equal to the global average. Slurrp with its new funding would thus be in a better position to take advantage of this growth.
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