Lo! Foods funding
FMCG startup Lo! Foods on Friday stated that it has raised $1 million in pre-series A round led by the Chona Family Office, former promoters of Havmor Ice Cream along with participation from other investors including Ecosystem Ventures, Raveen Sastry (Co-founder, Multiply Ventures), KRS Jamwal, and Pratyush Prasanna (Gojek).
According to the official statement, the company will use the fresh funds to boost growth, strengthen existing distribution networks, and accelerate marketing.
Commenting on the latest development, Sudarshan Gangrade, CEO and Founder, Lo! Foods, said, “We are pleased with the further validation of our products and business model from our existing as well as new investors. Our product range has gained tremendous traction, and the response from our customers has been extremely positive. Through our relentless focus on product innovation, we will continue to offer newer products and expand our footprint. The new investment will accelerate our next phase of growth and enable us to further strengthen our presence in the market.”
Founded in 2019 by Sudarshan Gangrade, a serial entrepreneur and former Head of Marketing at Ola; Lo! Foods offers a variety of healthy low carbohydrates and keto-friendly packaged products that are quintessentially Indian. Each product is created in-house and provides less than three grams of net carbs per serving; making it 60-80 percent lower than regular products, claims the company.
The startup has also ramped up to 20 cloud kitchens across Delhi, Gurugram, Bengaluru, and Hyderabad.
Speaking about the investment, Ankit Chona, ex-promoter of Havmor Ice Cream group, added, “What sets Lo! Foods apart is its deep-rooted connection with the Indian customer. Their vision in creating a range of healthy and tasty products that’s familiar to and loved by generations of Indians has been well received in the market. With its strong understanding of the science of nutrition and Indian consumer behavior, the brand is positioned for incredible future growth and has immense potential to become a category leader. We are excited to be a part of their growth story”
The startup had previously raised $500,000 from a clutch of angel investors, including Raveen Sastry, Co-founder of Myntra; Anuj Golecha, co-founder of Venture Catalyst; Rashmi Daga, founder of Freshmenu; and Mitesh Shah, CFO of BookMyShow. PC Musthafa, Co-founder and CEO of ID Fresh Food India, and Aditya Somani among others are a part of the advisory team.
The products are also available on its website and e-commerce sites like Amazon, Flipkart, and BigBasket. Besides their low-carb products and cloud kitchens, Lo! Foods has also tied up with five-star chains like Hyatt and Sheraton to offer low-carb and keto-friendly menus to customers. The company has recently extended into international markets such as the US, Singapore, and the Middle East.
With several people adopting a healthier lifestyle, low-carb and keto diets have become the rage. Lo! Foods has huge growth potential with the products they offer.Shishir Gupta, Founder and CEO, StartupLanes
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