Hyderabad-based Troo Good, the Indian millet snacks market leader, revealed on Thursday that it has secured INR 55 crores in a Series A fundraising round from OAKS Asset Management to grow its product line and introduce additional millet-based goods.
In the next three years, it hopes to generate Rs 300 crore in income.
Troo Good will develop its company in Andhra Pradesh and Telangana, as well as in numerous other states throughout the country, using these funds, according to Company CEO and Founder Raju Bhupati, who spoke at a press conference today.
He said the firm already distributes more than 15 million wholesome and nutritious millet snacks per month to various sectors of the public throughout both Telugu states from its three highly templatized plants located across Telangana and Andhra Pradesh.
Through its iconic millet chikki, it has made a substantial contribution to addressing the nutritional needs of children.
Mr. Bhupati explained that in addition to the flagship product, the firm is developing a number of other millet-based items, with a concentration on 4-5 millet-based products out of the 14 available.
We also intend to grow our presence in the adjacent states of Maharashtra and Odisha, he added.
According to the Company CEO, the Indian snacking industry is worth $12 billion in FY21 and is predicted to expand at a rate of over 12% over the next decade, while the Chikki market is worth roughly $1 billion.
We are extremely thrilled to be collaborating with Troo Good and helping it expand its reach beyond AP and Telangana, where it presently operates, to the rest of India, said OAKS Asset Management Chief Investment Officer Kenneth Serrao.
