Health food small enterprise Kaarya Naturals that offers healthy snacks has secured early-stage funding from Mumbai-based Roots multi-stage and sector agnostic investing platform Ventures.
Health food small enterprise Kaarya Naturals that offers healthy snacks has secured early-stage funding from Mumbai-based Roots multi-stage and sector agnostic investing platform Ventures, The company, which currently sells protein and health bars under the brand eighty20 plans to expand the range with the new round of funding. The company was set up in 2017 whole-food nutritionist and diabetes educator Kajal Bhatia after she struggled to consistently find such food products “made from sustainable and humane sources. It is about inclusiveness, expanding choices, and fostering innovation,” Bhatia said.
The size of India’s snack food segment stood at $5.2 billion in 2019 and is likely to grow annually by 7.5 per cent CAGR till 2023, as per statistics portal Statista. The average revenue per person in this segment in 2019 has been $3.84 and would possibly grow to $4.95 in 2023. The sector is dominated by the unorganized market even as it is likely to change due to changes in lifestyle, rising urbanization, growing middle-class population, local availability and availability of snacks in small package size, low price etc, according to a 2018 report by Research and Markets.
“We are what I call a snacking nation, but at the same time, we are increasingly witnessing a trend of eating healthy without compromising on taste,” said Japan Vyas, Managing Partner, Roots Ventures in a statement. The company claimed of making natural, vegan, gluten-free, and minimally processed healthy snacks. Venture fund Roots Ventures is backed by Paytm’s founder Vijay Shekhar Sharma and had earlier invested in speciality tea company Teamonk.
The India snack bar market is likely to grow at around 25 per cent CAGR between 2019 and 2024 as the demand for convenient and healthy on-the-go snack options has by-far been the primary attribute for sales of snack bars in the country, according to Mordor Intelligence. The market has sub-segments including cereal bar, energy bar etc.