Millet-based snack brand Troo Good has raised Rs 72 crore (approximately $8.6 million) in its latest funding round, spearheaded by current investor Oaks Asset Management. The round also saw participation from Puro Wellness and V Ocean Investments.
Founded in 2018 by Raju Bhupati and headquartered in Hyderabad, Troo Good is known for its millet-based snacks, including chikkis, protein bars, and nutri bars. The company has achieved remarkable traction, selling over 2 million millet snacks daily.
In FY23, Troo Good reported 7% revenue growth, reaching Rs 52.7 crore, while becoming profitable through effective cost management.
The brand operates in a competitive space, with Slurrp Farm—another millet-based snack company—raising $7.2 million earlier this year.
Troo Good’s board has approved the issuance of 10,176 equity shares to raise the funds. Oaks Asset Management contributed Rs 37 crore, while Puro Wellness and V Ocean Investments invested Rs 25 crore and Rs 10 crore, respectively. The capital infusion will primarily go toward meeting the company’s working capital requirements.
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With this round, Troo Good’s total raised capital now stands at Rs 132 crore, following a Series A round of Rs 55 crore in November 2021, also led by Oaks Asset Management. After the latest allotment, Troo Good’s valuation has surged to Rs 322 crore (around $38 million).
In terms of shareholding, Oaks Asset Management holds 28.89%, while Puro Wellness and V Ocean Investments hold 7.75% and 14.28%, respectively.
Troo Good’s impressive performance and continued backing from prominent investors underline its growing role in promoting millet-based healthy snacks across India.