Rs 72 Crore Funding: Millet Snack Brand Troo Good Valued at Rs 322 Crore

Hyderabad-based millet-based snack brand Troo Good has secured Rs 72 crore (approximately $8.6 million) in fresh funding from Oaks Asset Management, Puro Wellness, and V Ocean Investments. This investment values the company at Rs 322 crore ($38 million) post-allotment.

The company’s board has approved the issue of 10,176 equity shares in pursuance of the funding. Existing investor Oaks Asset Management led the investment with a participation of Rs 37 crore, while V Ocean Investments and Puro Wellness invested Rs 10 crore and Rs 25 crore, respectively.

Funding to Meet Working Capital Requirements

The filing mentioned that the company intends to use these funds to meet its working capital requirements. This investment comes after the company raised Rs 55 crore in a Series A led by Oaks Management in November 2021. Troo Good has now raised around Rs 132 crore in total.

Competitive Landscape

Troo Good operates in a competitive market, competing with other millet-based snack brands like Slurrp Farm, which raised $7.2 million in January this year. However, Troo Good claims to sell over 2 million millet chikkis and other millet snacks every day.

Financial Performance

While the company has yet to report FY24 numbers, Troo Good recorded a 7% growth in revenue, rising to Rs 52.7 crore in the fiscal year ending March 2023. The company was able to achieve profitability due to effective cost management.

Investor Details

Following the recent funding, Oaks Asset Management will hold a significant 28.89% of the capital, while Puro Wellness and V Ocean Investments will command stakes of 7.75% and 14.28%, respectively.

Founding and Growth

Troo Good was founded in 2018 by Raju Bhupati.