Troo Good is a millet-based snack brand that has secured Rs 72 crore in its fresh funding round. This funding round was led by Oaks Asset Management and had the participation of other investors, including V Ocean Investments and Puro Wellness. Existing investor Oaks Asset Management led the round with Rs 37 crore followed by Puro Wellness with Rs 25 crore and the rest of the Rs 10 crore came from V Ocean Investments.
The board has approved a resolution to allot 10,176 equity shares at a certain issue price to raise Rs 72 crore. Entrackr reported. According to the company filing, the startup will use these fresh proceeds to expand its operations and meet the working capital purposes. Troo Good is an internet-first brand that provides millet-based snack food products including nutrition bars, chocolates, and cookies. The startup claims to sell around 2 million millet chikkis and other millet snacks per day. This investment shows investors’ trust in Troo Good’s market potential and business model.
The startup has secured over Rs 132 crore across multiple funding rounds since its inception, including Rs 55 crore raised from Oaks Management in its series A funding round. The startup data intelligence platform, thekredible mentioned that the post-money allotment valuation of the firm will be around Rs 322 crore. After this round, the existing investor Oaks Asset Management holds the largest external stake with 28.89 percent followed by V Ocean Investments with 14.28 percent of the total stake. Puro wellness accounts for 7.75 percent of the firm’s stake.
Troo Good reported a 7 percent increase 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. The company aims to use some of this fund to strengthen its platform and expand its services while developing its brand presence in India.
Troo Good intends to use this amount to scale up its in-house infrastructure, improve its production capability, and advance its technology. The development came just after this sector saw increased investor interest. Troo Good faces competition from other cereal products or snack manufacturing platforms such as Madmix, Soulfull, and Slurrp Farm, which raised $7.2 million in January last year.
Conclusion :
Troo Good is a Hyderabad-based startup offering millet-based snack food products. The startup got fresh capital of Rs 72 crore from Oaks Asset Management. The funding round had participation from other investors including Puro Wellness and V Ocean Investments. The company plans to use this amount to scale its operations and meet general corporate or working capital purposes.
Oaks Asset Management led the round with Rs 37 crore while Puro Wellness invested Rs 25 crore followed by V Ocean Investments with Rs 10 crore. After this round, the existing investor Oaks Asset Investments holds the largest external stake with 28.89 percent. The company’s board approved the resolution to issue 10,176 equity shares to raise this amount.
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