In its Pre-Series A funding round, led by Agra Gwalior Pathways and Airen Holdings, Select Brands, which was nurtured at JITO Incubation and Innovation Foundation (JIIF), has raised Rs 6.5 crore.
Prataap Snacks, IVY League Ventures, Workie, Apricot Foods, and We Founder Circle are a few more well-known investors.
According to a press release from the business, the money will be used to grow its present operations, investigate new markets, and extend its reach by adding new product categories.
The journey of Select Brands began in April 2022 with the launch of Kyari, a direct-to-consumer brand that offered plants grown on-site, which was founded by brothers Agam Choudhary and Saksham Jain in 2022. With a variety of plant varieties to suit various settings and requirements, Kyari became popular among botanists very quickly.
“Basically, we are entering multiple categories by launching new brands and focusing on the growth of existing ones. Approximately 70% of the capital will be invested in existing sub-brand growth, which is Kyari, while around 30% will be allocated to new sub-brands,” said Choudhary in a press release.
Kyari currently reports monthly sales of about Rs 1.5 crore, but in its first fiscal year (FY23), it claims to have sold Rs 4 crore.
The JITO Incubation Center is a structured program that provides startups with critical resources under one roof. These resources include technology, global networking, mentorship, and ancillary services like financial and legal support.
