Indian Institute of Management (IIM) Kashipur has signed a memorandum of understanding (MoU) to partner with the Artha Access programme. The association has announced its first deal with the Dehradun-based FMCG brand Himshakti which has raised Rs 17 lakh in its pre-seed round.
According to the official statement, the first round saw participation from angel investors Anand Kumar of Pier Counsel and Varun Agrawal of StarClinch Himshakti plans to use the funds towards marketing, sales, and improving the packaging quality of its products, the statement added.
Artha Access is an Artha Venture Fund (‘AVF’) programme through which AVF co-invests with accelerators like India Accelerator, Huddle, and IIM Calcutta Innovation Park, the statement said.
“Himshakti is one of the Uttarakhand-based startups that is doing a phenomenal job at the grass root level to stop rural migration and provide job opportunities to the farmers of Uttarakhand. It’s been three years since we have been associated with Himshakti. Harshit Sehdev (founder, Himshakti) is also a mentor at our Institute and regularly provides training sessions,”Safal Batra, professor, director, Foundation for Innovation and Entrepreneurship Development, IIM Kashipur, said.
Himshakti’s vision is to bring the Himalayan Agriculture to people with zero compromises on quality, Sehdev, said.
Furthermore, Gauri Kuchhal, principal, Artha Venture Fund said there is a big untapped market for organic FMCG products available at an affordable cost. “Himshakti is tapping into this segment. We have backed several brands from beauty to the F&B industry, and believe that we can help Himshakti scale up faster to have a pan India and a strong international presence,” she said.
Meanwhile, according to an IBEF Report, the Indian D2C FMCG market is expected to touch $21 billion by 2025. The Indian FMCG market, on the other hand, is expected to reach $220 billion, growing at a CAGR of 14.9%.