Slurrp Farm is a kid-focused snack and meal brand. It has raised Rs 59.9 crore (roughly $7.2 million) in a new investment round from both new and existing investors. The startup from Gurugram has raised money after a hiatus of almost two years.
A special resolution to issue 3,13,691 Series C preference shares at an issue price of Rs 1,909 each, raising Rs 59.9 crore, was approved by the board of Wholsum Food Private Limited, the parent company of Slurrp Farm, according to a document obtained from the Registrar of Companies.
New investors Madhurima International and Alkemi Ventures each contributed Rs 17.5 crore, while existing investors Fireside Venture and Raed Capital contributed Rs 12.4 crore and Rs 5.48 crore, respectively. The Harsh Mariwala family’s investment office, Sharrp Ventures, contributed an additional Rs 7 crore.
According to the filing, the company will use the additional investment amount to strengthen its long-term financial resources.
After this round, Madhurima International, Sharrp Ventures, and Alkemi Ventures will control 3.43%, 1.37%, and 3.43% of the company, respectively, while Fireside Ventures will hold 20.72% of the company.
According to a startup data intelligence platform, the company is valued at approximately Rs 510 crore, or $62 million after funding. Investment Corporation of Dubai led a $7 million Series B round for Slurrp Farm in February 2022. Bollywood actress Anushka Sharma joined the company as an investor and brand ambassador for its flagship product, Slurrp Farm, after the funding round.
The company was established in 2016 and produces meals and snacks for small children using millet. Its product line consists of more than 25 items, such as cake mixes, millet pancakes, millet dosa, puffed snacks for kids, and porridges and cereals.
The parent company of Slurrp Farms reported a more than two-fold increase in revenue to Rs 40 crore in FY23 from Rs 19.15 Cr in FY22. The company’s losses during the same period increased by 1.7X to Rs 32.20 crore.
The company wants to expand its presence in 40,000 stores, a 20-fold increase from its current 2,000 locations and has set a goal to reach Rs 500 crore in revenue over the next few years.
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