Troo Good, a Hyderabad-based millet snack brand, has successfully raised Rs 72 crore in a new funding round led by Oaks Asset Management. The funding round also saw participation from Puro Wellness and V Ocean Investments. This latest infusion of capital will be utilized to meet the company’s working capital requirements and further expand its product offerings. Founded in 2018 by Raju Bhupati, Troo Good has been making significant strides in the healthy snack market, selling over 2 million millet-based snacks daily.
Strategic Investments and Stake Distribution
Troo Good’s recent funding round highlights the strategic investments made by key stakeholders. Oaks Asset Management, a recurring investor, contributed Rs 37 crore, while Puro Wellness and V Ocean Investments invested Rs 25 crore and Rs 10 crore, respectively. This brings the total funds raised by Troo Good to approximately Rs 132 crore to date. Following this round, Oaks Asset Management holds a significant 28.89% stake in the company, with Puro Wellness and V Ocean Investments holding 7.75% and 14.28% stakes, respectively.
The strategic investments underscore the confidence that investors have in Troo Good’s business model and growth potential. The funds will be pivotal in scaling operations and enhancing the company’s market presence. Troo Good’s ability to attract substantial investment reflects its strong performance and promising future in the competitive snack industry.
The allocation of funds will focus on expanding production capabilities and improving distribution networks. This will enable Troo Good to meet the growing demand for its millet-based snacks and maintain its competitive edge in the market. The company’s commitment to quality and innovation continues to drive its success and attract investor interest.
Growth Trajectory and Market Position
Troo Good has demonstrated impressive growth since its inception, with a notable increase in revenue and market share. In the fiscal year ending March 2023, the company recorded a 7% growth in revenue, reaching Rs 52.7 crore. Effective cost management strategies have also enabled Troo Good to achieve profitability during this period. The company’s focus on providing nutritious and affordable snacks has resonated well with consumers, contributing to its steady growth.
The millet-based snack market is gaining traction, with consumers increasingly seeking healthier alternatives to traditional snacks. Troo Good’s product range, which includes chikkis, protein bars, and nutri bars, caters to this growing demand. The company’s emphasis on using locally sourced millets, which are both nutritious and economical, has further strengthened its market position.
Troo Good’s success can be attributed to its innovative approach and commitment to quality. The company continues to explore new product offerings and expand its reach to new markets. By leveraging its strong brand reputation and customer loyalty, Troo Good is well-positioned to capitalize on the increasing demand for healthy snacks.
Future Prospects and Expansion Plans
Looking ahead, Troo Good aims to further expand its product portfolio and increase its market penetration. The company plans to introduce new millet-based products that cater to diverse consumer preferences. This includes exploring new flavors and formats to enhance its product offerings and attract a broader customer base.
Troo Good’s expansion plans also involve strengthening its distribution network to ensure wider availability of its products. By partnering with key retailers and leveraging online sales channels, the company aims to reach more consumers and boost sales. The recent funding will play a crucial role in supporting these expansion efforts and driving future growth.
The company’s long-term vision includes achieving a turnover of Rs 300 crore in the next three years. This ambitious target reflects Troo Good’s confidence in its growth strategy and market potential. With a strong foundation and a clear roadmap, Troo Good is poised to become a leading player in the healthy snack industry.
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