Banana chips maker Beyond Snack on Thursday said it has raised $8.3 million in Series A funding round led by 12 Flags Group, a consumer business-focused fund established by Rakesh Kapoor, the former global CEO of Reckitt Benckiser. Japanese VC firm Enrission India Capital along with existing investors NAB Ventures and Faad Network also participated in the round.
The company said it will deploy fresh capital towards expansion into new territories, product innovation, and strengthening supply chain infrastructure.
Speaking on the new investment, Manas Madhu, Founder of Beyond Snack said the funding will “empower us to bring the unique taste of Beyond Snack banana chips to even more snack enthusiasts across the country, elevating their snacking moments to a whole new level.”
The company had earlier raised $4 million from NAB Ventures, 100X VC, Faad Network, and angel investors.
Launched in 2020, the startup was featured on the TV show Shark Tank India Season 1 and had secured investment from BharatPe Founder Ashneer Grover and boAt’s co-founder Aman Gupta. The startup said it has a retail footprint of 20,000 outlets and is available in 12 countries.
“Our investment in Beyond Snack is not just about value creation and growth. It’s also about celebrating and promoting one of India’s homegrown brands. We look forward to seeing how this collaboration will drive innovation, and sustainability, and bring joy to snack lovers everywhere,” said Rakesh Kapoor, Founder, 12 Flags Group.
The global banana chips market is expected to grow from around $1.2 billion in 2023 to $1.9 billion in 2031 at a compound annual growth rate (CAGR) of 5.3 per cent amid expanding snack food industry and rising health consciousness, according to Verified Market Research.
“Beyond Snack is currently deepening backend integration and streamlining its supply chain, further enhancing its efficiency and sustainability within the Agri value chain. This strategic move aligns perfectly with NABVENTURES’ vision of driving innovation and fostering a robust and sustainable Agri & Food system,” said Ashish Choudhury, CIO, Nab Ventures.