Snack brand, Troo Good secured $9 million in its new funding round from Puro Wellness

Troo Good is a millet-based snack brand that has secured 9 million USD in its ongoing funding round. Puro Wellness led the funding round with the participation of other investors including Oaks Asset Management and V Ocean Investments. The company plans to use these fresh proceeds to scale its operations, expand its infrastructure, improve product innovation, and develop its market presence.

The startup intends to use some of this investment to enhance distribution capabilities. According to the company filing, the startup will also use these fresh proceeds to expand its categories and meet the working capital purposes. Troo Good is an internet-first brand that provides millet-based snack food products including rusk, chocolates, nutrition bars, and cookies.

The startup claims to offer gut-friendly and gluten-free products containing dry fruits, coconuts, proteins, and fiber.  The startup manufactures 2 million millet chikkis and other millet snacks in one day. This investment shows investors’ trust in Troo Good’s market potential and business model.

The startup has secured over 15.7 million USD across multiple funding rounds since its inception, including Rs 55 crore raised in its series A funding round from Oaks Management. The startup data intelligence platform, thekredible mentioned that the post-money allotment valuation of the firm will be around 38 million USD.

Before this round, the existing investor Oaks Asset Management held the largest external stake with 28.89 percent followed by V Ocean Investments accounting for 14.28 percent of the total stake. Puro Wellness held 7.75 percent of the firm’s stake.

Troo Good reported a 7 percent growth in its revenue to Rs 52.7 crore in FY23. The startup managed its expenses and with effective cost management, it achieved profitability during the same duration. Entrackr reported the development first. The company aims to use some of this fund to strengthen its platform and expand its services while developing its presence in the market The company recently raised Rs 72 crore in a funding round led by Oaks Asset Management.

Troo Good intends to use this amount to scale up its in-house infrastructure and improve its production capability. The development came just after the millet-based snack sector saw increased investor interest. Troo Good faces competition from other cereal products or snack manufacturing platforms such as Soulfull, Madmix, and Slurrp Farm, which raised $7.2 million in January last year.

Conclusion :

Troo Good is a Hyderabad-based millet-based snack food product offering internet-first brand. The startup raised fresh capital of 9 million USD from Puro Wellness. The funding round had participation from other investors including V Ocean Investments and Oaks Asset Management.

The company plans to use this amount to expand its infrastructure, scale its operations, and improve distribution channels. The company previously secured Rs 72 crore Oaks Asset Management in its series A funding round. Earlier this year, the competitor of Troo Good, Slup Farm also raised 7.2 million USD. The development came just after the millet-based snacks industries saw increased public interest.