Troo Good Secures ₹72 Crore Funding to Expand Millet-Based Snack Offerings

• ByStartupStory     |    October 3, 2024

Hyderabad-based millet snack brand, Troo Good, has successfully raised ₹72 crore (approximately $8.6 million) in a funding round led by Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments. The company’s regulatory filing, accessed by Entrackr from the Registrar of Companies, confirmed that the board has approved the issuance of 10,176 equity shares to raise the aforementioned capital.

In this funding round, existing investor Oaks Asset Management contributed ₹37 crore, while V Ocean Investments and Puro Wellness invested ₹10 crore and ₹25 crore, respectively. The filing also revealed that Troo Good plans to utilize these funds to meet its working capital requirements.

To date, Troo Good has raised a total of approximately ₹132 crore, including ₹55 crore in a Series A funding round led by Oaks Asset Management in November 2021. According to startup data intelligence platform TheKredible, following this recent funding round, Troo Good will be valued at ₹322 crore (about $38 million) post-allotment.

The investment stakes following this round will see Oaks Asset Management holding a substantial 28.89% of the capital, while Puro Wellness and V Ocean Investments will command stakes of 7.75% and 14.28%, respectively.

Founded in 2018 by Raju Bhupati, Troo Good specializes in millet-based snacks such as chikkis, protein bars, and nutri bars. The company claims to sell over 2 million millet chikkis and other millet snacks every day, establishing a robust presence in the market.

While Troo Good has yet to report its FY24 numbers, the company recorded a modest 7% growth in revenue, rising to ₹52.7 crore in the fiscal year ending March 2023. Effective cost management strategies enabled Troo Good to achieve profitability during the same period.

In a competitive landscape, Troo Good faces rivalry from brands like Slurrp Farm, which raised $7.2 million in January this year, as reported exclusively by Entrackr.

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