Monday, 5 August 2024, Bengaluru, India
CURRYiT is a cooking paste manufacturing company that got a Rs 4.5 crore investment from Tangent Advisors, RK Family Trust, and Freeflow Ventures during its seed funding round. The funding round saw the participation of several new and existing investors including Angel investors Ramesh Damani, Ajaya Jain, and more. The startup plans to use these fresh proceeds to scale its operations, improve its platform, enhance its product development, and strengthen its distribution channels.
The company plans to expand its categories and aim for market expansion while strengthening its brand presence in India. The startup previously raised 139k USD in a funding round led by IIMU, RPSG Capital Ventures, and its existing investors. The firm aims to remove all the challenges of preservation, chemicals, and dehydrated vegetables or palm oil.
The startup offers a variety of cooking paste solutions including curry pastes like butter masala, biryani pastes, tomato purees, and instant tadka. The company wants to introduce ready-to-cook pastes for easy cooking at home. CURRYiT provides instant mixtures of various flavors through its online and offline stores. The startup may introduce some new products and categories using this new investment.
This cooking paste brand has secured around 139k USD across one round since its inception. The data intelligence platform, tracxn reported that the company had a post-money allotment valuation of 1.36 million USD on January 2022. The brand claims to have served over 25,000 different pin codes each day. The food brand faces competition from other food companies in the same segment such as Godrej, Danone, Agrovet, and Haldiram, among others. The cooking and curry paste brand provides its products through its online website, retail stores, and other e-commerce platforms such as Amazon.
The Delhi startup reported over 50 percent MoM growth in its quick commerce platform. The company had an annual revenue of Rs 40.7 lakh as of March 2023. The startup operates in the B2B consumer goods, foods, and agriculture markets. The data intelligence platform, traxcn mentioned that the RPSG Capital Ventures is the largest institutional investor of the firm. The company expects its monthly revenue to increase by 4 times in the next six months. The market researchers mentioned that the Indian cooking and spices market is expected to grow at a CAGR rate of 15.7 percent.
Conclusion:
CURRYiT is a food paste manufacturing company that successfully secured around Rs 4.5 crore in its new seed funding round. This round was led by Tangent Advisors, RK Family Trust, and Freeflow Ventures with the participation of Ramesh Damani, and Ajaya Jain. The company plans to scale its operations and enhance its services, marketing, and strengthen its distribution network.
The development came just after the cooking and spices sector gained increased interest from investors. The company claims to have served more than 25,000 pin codes a day. This Delhi-based startup aims to provide different cooking paste solutions including curry pastes like butter masala and biryani pastes for faster and easier cooking.
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