Troo Good, a rapidly growing millet-based snack brand, has raised $9 million in a new funding round led by Puro Wellness, with participation from existing investors Oaks Asset Management and V Ocean Investments. This brings the total capital raised by the Hyderabad-based company to approximately Rs 132 crore ($15.7 million). The latest funding will push the company’s valuation to an estimated Rs 322 crore ($38 million), according to TheKredible.
Investing in Infrastructure, Distribution, and Product Innovation
The new funds will be used to expand Troo Good’s infrastructure, improve its distribution network, and drive product innovation. The company aims to meet the increasing demand for nutritious millet-based snacks while further establishing its footprint across India.
A Growing Portfolio of Millet-Based Snacks
Founded in 2018 by Raju Bhupati, Troo Good offers a variety of millet-based snacks including chikkis, protein bars, and nutri bars. The company claims to sell over 2 million units daily, making it a key player in promoting healthy snacking in the Indian market.
Financial Performance and Profitability
Although Troo Good’s financial results for FY24 are yet to be reported, the company achieved a 7% revenue growth in FY23, reaching Rs 52.7 crore. Despite the modest growth, the brand’s focus on cost-effective operations helped it achieve profitability during the period.
Competing in a Growing Market
Troo Good competes with other millet-based snack brands like Slurrp Farm, which secured $7.2 million in funding earlier this year. As the market for healthy, nutritious snacks continues to grow, Troo Good is poised to capitalize on the rising trend of millet consumption, driven by increasing awareness about its nutritional benefits.
Strategic Focus on the Millet Revolution
The brand’s success aligns with the global millet movement, as demand for sustainable, plant-based nutrition grows. The new investment will support Troo Good’s efforts to lead the way in millet-based snacking, enhancing its product lineup and reaching more consumers through innovative offerings.
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