Troo Good raises game changer funding
The Hyderabad millet-based brand, Troo Good has secured $8.6 million (approximately Rs 72 crore) from Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments.
A resolution has been passed by the board at the firm to issue 10,176 equity shares to raise the above-mentioned amount, according to the Registrar of Companies.
History of the company
It is surprising to know that the millet-based firm has started from producing millet chapatis and parathas. The company used to sell 800-1000 chapatis/parathas across various schools and now has become a largest such company in Hyderabad.
Troo Good had also been selected as the Best Start-up Connected with Public Funds at the Poshak Anaj awards conducted by IIMR, Niti Aayog and the Department of Agriculture in September 2021.
By the end of 2018, Troo Good had introduced India’s first millet chikki, based on a unique formulation using different types of millets.
Read more about the series A funding at Troo Good raises ₹55 crore in Series A Funding from OAKS Asset Management | Mint (livemint.com)
Breakdown of the huge funding
Behind this large funding of Rs 72 crore, there lies an existing investor- Oaks Asset Management that donated Rs 37 crore. On the other hand, the other two other investors came up- Puro Wellness and V Ocean Investments making a contribution of Rs 25 crore and Rs 10 crore, respectively.
According to the filing, the firm is going to use the money to move with its working capital requirements.
With this inclusion of Rs 55 crore led by Oaks Management in Series A in November 2021, the company has attracted over Rs 132 crore so far.
After the distribution is over, the company is expected to be valued at Rs 322 crore (approximately $38 million).
On gaining the fundraise, Oaks Asset Management would control a substantial 28.89% of the total whereas the other two firms- Puro Wellness and V Ocean Investments are going to control 7.75% and 14.28% of the capital respectively.
Founder comments over the investment
The company was founded by Raju Bhupati in 2018 and it sells millet-based snacks inclusive of protein bars, nutri bars and chikkis.
According to the report, more than two million millet chikkis and other millet snacks are being sold everyday by the firm
Financial breadown of the firm
Troo Good has seen an increase in revenue of 7% which has reached to Rs 52.7 crore during the financial year that ended in 2023 March.
The results for the financial year 2024 have not yet been released by the company.
However, in the last year’s report, it’s pretty clear that the company was able to convert a profit during the same time because of efficient cost control.
The company’s rival, Slurrp Farm has gained $7.2 million in January of 2024.
The millet-based firm is currently selling 15-20 lakh chikki bars a day, mainly in markets in the states of Chhattisgarh, Karnataka, Telangana, Odisha and Andhra Pradesh.
Future Plans of the company with the huge investment
Although, the core focus of this funding is on the growth and innovation of the company, it is also set to expand its operations all over India.
This investment has opened new paths for the company as it plans to expand pan-India and sets up a remarking target for the FY23-24.
Conclusion
The Hyderabad millet-based brand, Troo Good has secured $8.6 million (approximately Rs 72 crore) from Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments.
There has been a resolution to issue 10,176 equity shares.
The millet-based firm has started from producing millet chapatis and parathas.
The company used to sell 800-1000 chapatis/parathas across various schools and now has become a largest such company in Hyderabad.
On gaining the fundraise, Oaks Asset Management would control a substantial 28.89% of the total whereas the other two firms- Puro Wellness and V Ocean Investments are going to control 7.75% and 14.28% of the capital respectively.
This investment has opened new paths for the company as it plans to expand pan-India and sets up a remarking target for the FY23-24.
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