A new fundraising round led by Puro Wellness has seen $9 million raised for the millet-based snack company Troo Good. Participating investors include Oaks Asset Management and V Ocean Investments.
With the inclusion of its Rs 55 crore Series A led by Oaks Management in November 2021, the company has raised approximately Rs 132 crore (or about $15.7 million) altogether to date. Troo Good’s post-allotment valuation is expected to be $38 million, or Rs 322 crore, according to the media.
The money raised will help the business with its plans to improve distribution capabilities, build out its infrastructure, and spur product innovation.
Troo Good, a Hyderabad-based business founded in 2018 by Raju Bhupati, offers a variety of millet-based snacks, such as chikkis, protein bars, and nutri bars. More than two million millet chikkis and other millet snacks are allegedly sold daily by the company.
Although the company has not yet released its FY24 financial results, Troo Good saw a slight increase in revenue of 7%, reaching Rs 52.7 crore for the fiscal year that ended in March 2023. However, Troo Good was able to turn a profit during that same time thanks to efficient cost control.
