Korean FMCG startup Gimi Michi raises $1 M Seed funding from IndiaQuotient

With participation from DeVC, Titan Capital, and IIMA Ventures, the Korean food-focused business Gimi Michi has raised $1 million in a seed investment round headed by IndiaQuotient.

The Gurugram-based firm, founded by Nishank Goyal, Akhil Kumar, and Bodhi Rathor, is creating a genuine Korean FMCG brand for Indian consumers. BCG, Mondelez, and AB InBev are just a few of the consumer and consultancy brands that the founding team has worked with.

According to a press release from the company, the additional funds will be utilized for product development, staff expansion, brand-building projects, and bolstering distribution across rapid commerce platforms.

Gimi Michi, a Korean ramen company that was introduced about six months ago, says it is now the best-selling noodle brand on Flipkart. With a single product offering, the company reported that its monthly net sales have surpassed Rs 1 crore and have been increasing at a rate of about 60% per month.

The business claims that Tier II and Tier III cities account for over half of its sales. Additionally, it revealed that repeat purchase rates across e-commerce and rapid commerce channels are much higher than the category average.

Through K-dramas, K-pop, and social media, the company is wagering on the growing appeal of Korean culture in India. According to Goyal, Gimi Michi was founded with the idea that since consumers are already familiar with Korean food and are searching for genuine goods at reasonable prices, Korean food may experience adoption akin to that of Korean entertainment.

Like Chinese and Italian cuisines did in previous decades, Korean cuisine has the potential to become a significant food trend among Gen Alpha consumers, according to Kumar.

Attention is also being drawn to the market opportunity. While Korean noodles make up a sizable portion of noodle sales on rapid commerce platforms, industry projections indicate that the Indian ramen business could reach $1 billion over the next ten years. In recent months, a number of major FMCG firms have launched product lines with Korean influences, such as ITC Limited, Nestlé, and Hindustan Unilever Limited.

Gimi Michi intends to develop a dedicated Korean culinary brand in India by branching out from ramen into categories including sauces, snacks, and ready-to-eat items.