Troo Good Raises USD 9 Million in a Fresh Funding Round with Follow-on Investment by Oaks Asset Management

• Puro Wellness joins the cap table and will add strategic and distribution strength to the company.

• Funds raised will be used for growing infrastructure and distribution, innovation in product variety, and building a strong brand positioning for Troo Good.

Hyderabad, 15th October 2024: Hyderabad-based Troo Good, India’s largest millet-based snack brand, has successfully raised USD 9 Million in a funding round led by Puro Wellness. Existing investors Oaks Asset Management and V Ocean Investments also participated, strengthening their support for Troo Good’s growth strategy. This capital infusion will support the company’s efforts in expanding infrastructure, enhancing distribution capabilities, and driving product innovation.

This latest round brings Troo Good’s total funding to approximately Rs 130 Crore. Troo Good last raised Rs 55 Crore in a Series A round in November 2021. The company has consistently remained profitable, showing revenue growth year-on-year while competing in the highly competitive FMCG market. This focus on profitability and expanding its retail footprint, online sales channels, and new geographies has cemented investor confidence, as demonstrated by Oaks Asset Management and V Ocean Investments’ continued support.

Vivek Anand PS, Partner at Oaks Asset Management, expressed his confidence in the brand, saying, “Troo Good has consistently delivered value year after year, proving the strength of its business model and the exceptional leadership of founder Raju Bhupati. Our confidence in the brand has only grown, and we are very happy to be part of this next phase of their journey.”

Speaking on the successful fundraise, Raju Bhupati, Founder and CEO of Troo Good, commented: “This funding marks a pivotal moment in our growth journey as we scale our infrastructure, expand our distribution network across India, and focus on innovative millet-based products. We are committed to making healthy, affordable snacks accessible to all and are excited about the opportunities ahead. The funds will help us enhance our manufacturing capabilities, reach more consumers, and innovate with new products that cater to our customer’s evolving tastes and needs. I am extremely excited about the partnership with Puro Wellness in particular since they bring immense complementary skills and strategic distribution depth to Troo Good.”

Troo Good will continue to focus on growing its market share in the rapidly expanding healthy snacks segment. The company is preparing to establish the Troo Good brand as a leader in the millet-based snack category.

Since its founding in 2018, Troo Good has become known for its range of millet-based snacks, including chikkis, protein bars, and Nutri bars. The company sells over 3 Million units daily of its popular millet chikkis and other millet snacks. With this fresh capital, Troo Good is well-positioned to capitalize on the growing demand for healthy, affordable, and sustainable snack options across India.

Mr. Ruchir Modi, Founder of Puro Wellness, stated, “We are deeply aligned with Troo Good’s vision of delivering healthy, affordable snacks to India’s mass market. This partnership is a natural fit for Puro Wellness as we expand our mission to build a comprehensive wellness foods platform. Beyond capital, we are bringing our extensive distribution network and strategic expertise to the table, ensuring that Troo Good becomes a household name across the nation. Together, we aim to elevate the wellness food industry and make healthy eating accessible to millions more.”

About Troo Good

Troo Good (www.troogood.com) is India’s largest millet snack company, selling over 3 million nutritious millet snack bars daily through multiple retail and institutional channels, with production facilities across multiple states. Founded in 2018 by Mr. Raju Bhupati, the company aims to provide affordable nutrition to all, especially children, through a range of products, including its flagship Millet Chikki. Committed to nutrition, taste, and affordability, Troo Good integrates socially deserving communities, Self-Help Groups, farmers, and tribal populations into its operations. The company has been recognized by the Ministry of Agriculture and Farmers Welfare, Indian Council of Agricultural Research (ICAR), and Indian Institute of Millets Research (IIMR) for its pioneering work in affordable nutrition.

About Puro Wellness

Puro Wellness (www.pwpl.in) is reshaping how India consumes everyday staples, offering 100% natural, clean-label products that prioritize health and sustainability. Founded in 2016 by Ruchir Modi, Puro has become a market leader with Puro Healthy Salt, capturing over 80% of India’s organized natural salt market. With a commitment to Purity, Health, Taste, and Ancient Wisdom, Puro aims to make better food choices accessible to all Indians.

About OAKS Asset Management

OAKS Asset Management, through its OAKS Consumer Fund, is a distinguished mid-market private equity fund known for supporting scalable consumer businesses led by experienced entrepreneurs. With approximately INR 1000 crore deployed across eight investments, including brands like Wow Momo, Incred, Credable, Troo Good, FoodLink, and Keus Smart Homes, OAKS (www.OAKSamc.com) is dedicated to fostering high-potential consumer businesses across India.

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