Ex-Soulfull MD Prashant Parameswaran Launches Arovia To Build Regional Food Brands Portfolio

Former Soulfull Managing Director and Co-founder Prashant Parameswaran has launched a new venture called Arovia Consumer, aiming to acquire controlling stakes in established regional packaged-food businesses. The startup has secured a ₹100 Cr capital commitment from Fireside Ventures, which will be used as the company closes deals.

Arovia plans to target majority stakes in two to four regional packaged businesses and work with their promoter families to expand their reach beyond their home markets. Parameswaran anticipates additional funding as the portfolio grows. The startup aims to begin its acquisitions in the next 6-12 months and is currently in talks with several identified brands.

Arovia specifically targets companies with revenue exceeding ₹100 Cr, which are either cash-flow positive or profitable. The founder believes that although India's consumer market is filled with food brands that have built strong local followings, they face challenges in transitioning from regional favorites to national brands. Arovia seeks to help scale these businesses, allowing promoters to continue operating or strategically participating in the enterprises, depending on the circumstances.

In some cases, promoters might eventually exit the businesses within a three-to-five-year timeframe. The platform also plans to identify operational synergies across its portfolio, including procurement, manufacturing, and supply chain management. Currently, Arovia is scouting potential targets in cities like Pune, Kochi, Coimbatore, Madurai, Mysuru, Mangalore, Surat, and Indore.

This marks Parameswaran's return to building consumer businesses after his decade-long tenure with the millet-based packaged food brand Soulfull, which he co-founded in 2013. Tata Consumer Products (TCP) acquired 100% of Soulfull in February 2021 for ₹155.8 Cr ($21.3 Mn), integrating it into its health and wellness portfolio and subsequently rebranding it as Tata Soulfull.

After the acquisition, Parameswaran joined TCP as the president of Tata Soulfull in September 2024, a role he held until December 2025.