Troo Good Secures $9 Million in Funding Led by Puro Wellness

Troo Good, a brand specializing in millet-based snacks, has successfully raised $9 million in a funding round led by Puro Wellness. This round also saw participation from existing investors, Oaks Asset Management and V Ocean Investments. The funding news was first reported by Entrackr earlier this month, highlighting the growing interest in health-focused food brands.

Funding to Drive Growth and Innovation

With this latest round, Troo Good has raised approximately Rs 132 crore (around $15.7 million) to date, including a previous Series A round of Rs 55 crore led by Oaks Management in November 2021. Following this funding, the company is expected to be valued at Rs 322 crore or $38 million.

• Use of Proceeds:
  • Expand infrastructure to support production.
  • Enhance distribution capabilities to reach more consumers.
  • Drive product innovation to diversify the snack offerings.

Founded in 2018 by Raju Bhupati, Troo Good is based in Hyderabad and offers a range of millet-based snacks, including chikkis, protein bars, and nutri bars. The company claims to sell over 2 million millet chikkis and other snacks daily, reflecting its strong market presence.

Financial Performance and Market Position

While Troo Good has not yet reported its financial results for FY24, the company recorded a modest 7% growth in revenue, reaching Rs 52.7 crore for the fiscal year ending March 2023. Notably, effective cost management strategies allowed Troo Good to achieve profitability during the same period, a significant milestone for a growing startup.

In a competitive landscape, Troo Good faces rivals like Slurrp Farm, which raised $7.2 million in January 2024. The millet snack market is becoming increasingly crowded, but Troo Good’s focus on health and quality positions it well to capture consumer interest.

As Troo Good continues to expand its product line and market reach, the recent funding will play a crucial role in solidifying its position in the health snack segment. The emphasis on millet-based products aligns with growing consumer trends towards healthier eating, making Troo Good a brand to watch in the coming years.