Hyderabad-based startup Troo Good has raised Rs 72 crore of new capital to encourage development for India’s growing health snack sector. The fund investment round was led by Oaks Asset Management, which had previously invested in the company. Investments also came from Puro Wellness and V Ocean Investments, marking a new milestone in becoming the millet-based snacks maker.
Entrackr accessed regulatory filings in which the board of Troo Good cleared the issuance of 10,176 equity shares to this effect. The capital raised will likely rocket the company’s growth plans as it scales its operations to meet India’s increasing demand for healthier food alternatives.
The investors
Among the key investors, Oaks Asset Management spearheaded the charge of holding the largest share in the round, which amounted to Rs 37 crore. Oaks Asset Management now has a 28.89% equity in the company through this investment.
In the meantime, health and wellness-centric brand Puro Wellness has invested Rs 25 crore in Troo Good, which translates into a 7.75% stake. It should pay off as it is a brand riding the millet-based snack market and is on the growth curve because consumers have given in to healthy eating habits.
The other investor that participated in this round of funding is V Ocean Investments, which invested Rs 10 crore. After these investments, V Ocean owns 14.28% equity in Troo Good. These investors had different origins: the first came from the UK, and the latter hailed from Hyderabad. It shows the excellent market perception at this moment.
Troo Good: Millet-Based Snacks Gaining Popularity
Raju Bhupati launched a healthy snack player on the rise in India, Troo Good, in 2018. The company offers purely millet-based products, selling health and nutrition-rich snacks like chikkis, protein bars, and Nutri bars, all millet grain rapidly gaining popularity due to associated health benefits. The firm sells more than 2 million millet-based snacks daily, an excellent score for a relatively new company.
Why Millets?
Millets, once commonly known as “poor man’s food,” have seen a resurgence in recent years. They contain many fiber, vitamins, and minerals and have no gluten. All these make it extremely popular among health-conscious consumers. In this prospect, Troo Good has designed innovative, wholesome snacks that are nutritious and tied to the taste of a vast demographic.
Rising demand for millets due to greater awareness of their nutritional benefits and also on the part of the Indian Government to declare **2023 as the International Year of Millets** is set to continue. Among those is the ready-to-eat snack from Troo Good, offering comfort and ease within the fast-paced, trendy lifestyle.
Scaling Up and the Future Ahead
The new infusion of capital will allow Troo Good to expand its business operations even more. The funds would likely also support marketing initiatives and drive brand awareness by exploring and deepening penetration into previously untapped markets domestically and globally.
The Indian snack market is constantly evolving. It is observed that the trend of overtaking health-conscious consumers is taking over indulgence-hungry consumers. Troo Good rides this wave with healthy, tasty, and affordable snacks. The company aims at millet as a superfood that can be eco-friendly and nutritious for an entire family, which resonates well with the current trend of consumers.
