Kandee factory raises Rs 1.5 crore of funding from ah Ventures and others

• ByStartupStory     |    June 4, 2022

Plant-based, healthier confectioners startup Kandee Factory raises Rs 1.5 Cr from ah! Ventures Angel Platform, including participation from Keiretsu and Polaris Family Office. Kandee Factory is at the forefront of sustainable manufacturing techniques and is one of the few manufacturers in the world that uses atmospheric air-water extraction technology to create ecologically friendly new era plant-based better-for-you chocolates and confections. ah! Ventures’ entire investment portfolio is Rs 279 Cr with 14 exits and 28 follow-on rounds. So far in 2022, 31 investments have been made across all three platforms.

Kandee Factory earned Rs. 268 lakhs in income during FY21-22. It grew by 70% year on year as a global provider of plant-based highly inventive first in confectionary category goods with scalable production capabilities. Kandee Factory enables responsible consumption, a growing trend globally, with melt-in-your-mouth confections made with solely plant-based ingredients, no gelatin, no milk, and no animal cruelty.

Mahesh Dharam, the co-founder of Kandee Factory said that the tale of Kandee Factory began when he with his son Jishnu went on a trip to Goa. During that journey, I discovered that high-quality Swirl Pops and candy were difficult to come by. Most of them were imported from China and Europe, and recognising this as an opportunity and a hole in the confectionery business landscape, I decided to launch my own company, Kandee Factory.

Mahesh actually developed something out of the ordinary, having gained business knowledge and exposure since his school days, as well as years of expertise in the financial services industry. They just released the world’s first vegetarian marshmallow wrapped entirely in chocolate. Their production unit is made up entirely of women, the majority of whom come from economically disadvantaged backgrounds.

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