Mount Judy Ventures, Ice.VC, KPB Ventures, and other current investors have joined Singapore-based Capital Code and Rainmatter Health (Zerodha’s health initiative) in leading the $3.5 million Series B funding round for Lo! Foods, a functional food startup based in Bengaluru.
The money raised will be utilized to start offline pilots in Bengaluru, improve backend technology, increase storage space, and invest in Protein Chef’s brand development.
The company claims that the brand has quickly become Lo! Foods’ main growth engine and has played a major role in the startup’s achievement of an annual recurring revenue milestone of almost Rs 100 crore.
Protein Chef (protein enrichment), Keto Smart (weight loss), DiabeSmart (diabetes management), and GlutenSmart (gluten intolerance) are the four verticals in which Lo! Foods operates.
Strong adoption on quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart, which currently account for nearly 65% of the brand’s total sales, has accelerated the brand’s scale.
For improved market positioning, the company is also getting ready to introduce new product lines and change DiabeSmart to Sugar Smart.
