Rakesh Kapoor, the former global CEO of Reckitt Benckiser, founded the consumer business-focused fund 12 Flags Group, which is leading the $8.3 million Series A funding round for the Kerala-based banana chip company Beyond Snack.
NAB Ventures, an existing investor, increased its ownership of the business by taking part in this round as well. Along with other current investors like Faad Network, the Japanese venture capital firm Enrission India Capital also joined.
The brand had raised $3.5 million from the NABVENTURES Fund in a pre-Series A round earlier in July 2023.
The money raised will be utilized to support Beyond Snack’s supply chain infrastructure, product innovation, and growth into new markets.
Beyond Snack, a plant-based savory snack company founded by Manas Madhu, Jyoti Rajguru, and Gautam Raghuraman, makes its banana chips without the use of artificial coloring or flavoring.
Beyond Snack asserts that it has increased its global presence. Since there is a high demand for its products in the 12 countries where they are currently available, the brand is looking into new international markets.
