Millet-based snack maker Troo Good on Tuesday said it has raised $9 Million in a funding round led by organic food company Puro Wellness and existing investors Oaks Asset Management and V Ocean Investments. The company said it will deploy the latest capital infusion in expanding infrastructure, enhancing distribution capabilities, and driving product innovation.
The latest round brings Troo Good’s total funding to around $15 million (Rs 130 crore). It had last raised around $6.5 million (Rs 55 crore) in a Series A round in November 2021.
The company said it has consistently remained profitable, showing revenue growth year-on-year while competing in the highly competitive FMCG market.
Speaking on the fundraise, Raju Bhupati, Founder and CEO of Troo Good said the funds will help enhance the company’s manufacturing capabilities, reach more consumers, and innovate with new products that cater to customer’s evolving tastes and needs.
“This funding marks a pivotal moment in our growth journey as we scale our infrastructure, expand our distribution network across India, and focus on innovative millet-based products,” he said.
Founded in 2018, Troo Good offers millet-based snacks including chikkis, protein bars, and nutri bars. The company said it sells over 3 million units daily of its millet chikkis and other millet snacks.
Ruchir Modi, Founder of Puro Wellness, said “the partnership (with Troo Good) is a natural fit for Puro Wellness as we expand our mission to build a comprehensive wellness foods platform. Beyond capital, we are bringing our extensive distribution network and strategic expertise to the table, ensuring that Troo Good becomes a household name across the nation.”
According to a report by research firm IMARC Group, the Indian snacks market is likely to grow from Rs 42,694.9 crore in 2023 to Rs 95,521.8 crore by 2032 at a compound annual growth rate of 9.08 per cent.