Mumbai-based LightSaber Food Ventures Pvt. Ltd, which sells health snacks through online and offline channels under the Snackible brand, has raised $175,000 (around Rs 1.12 crore) in an angel round of funding led by a clutch of individual investors and high-net-worth individuals (HNIs), a top executive revealed.
The investors, who participated in the round, include Nibhrant Shah (founder of Isprava and Themis), Anandbir Singh (founder of Anandini Financial Services), Anirudh Sheth (founder of Wealth Whispers), Pratik Singhi (CEO of Lakshya Consulting), Jitendra Mahnot (CEO of Startech Engineers India) as well as Mastercard executives Vikram Mehta and Murali Nair.
The fresh round of funding will be used for expanding operations in India and abroad as well as marketing and hiring across verticals, said Aditya Sanghavi, founder of Snackible.
Sanghavi said, "We found that there was a dearth of snacking options which provided an optimum mix of health, taste and affordability.
Currently, we have about 650 points of sales, which we hope to expand to 2,000 by the end of this year. We will also add around 10 SKUs (stock keeping units) within the next year."
Work is also already underway to introduce a diabetic-friendly snack line, he said. Snackible has a team of food technologists who come up with recipes for health snacks.
The company then outsources manufacturing to eight contract manufacturers. The firm takes care of delivery through a centralised warehouse in Mumbai where it employs about 25 people, Sanghavi said.
According to Sanghavi, online channels contribute about 20% of the total sales while retail stores (40%), institutional partners (30%) and marketplaces (10%) account for the rest. The company plans to expand to Kolkata, Jaipur and Chennai in addition to other markets in the country.
Besides, it is looking at expanding to overseas markets such as the Middle East and the UK.
Snackible aims to achieve an operational break-even within six months. It is also eyeing to raise around $2-5 million in Series-A funding within the end of this financial year, Sanghavi said.
Wholesome Habits Pvt. Ltd, which sells healthy snack bars under the brand name Eat Anytime, has raised $500,000 (Rs 3.43 crore) in seed funding from early-stage investment firm Sprout Venture Partners and a few high-net-worth individuals.
“The funding would be primarily used for marketing, branding, increasing the distribution network and launching new products in the healthy snacks category,” said Rishit Sanghvi, founder of Wholesome Habits.
“Eat Anytime has seen ‘good traction’ with its health bars and has lined up ‘innovative products’ for the future. This is one of the fastest growing categories in the organised snacking market,” Sahil Gupta, partner at Sprout Venture, said.
Incorporated in 2016, the Mumbai-based company was founded by Sanghvi and Rohit Garodia. It houses a team of food technologists, chefs and dieticians for product curation. Its products include sweet and savoury snack bars in various flavours.
It has the presence in more than 500 stores in Mumbai, Pune, Bangalore, Chennai and Hyderabad. It also sells through online marketplaces, its own website and various institutional channels.
The company plans to launch its products in other cities such as Delhi and Ahmedabad in near future.
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