Healthy snack brand Troovy raises Rs 100 Cr in Series B round led by Fireside Ventures

Food and snacks brand Troovy has secured Rs 100 crore in a Series B funding round, led by venture capital firm Fireside Ventures. Joined by Sharrp Ventures and other investors, the Gurugram-based company will allocate the capital towards research and development, enhancing manufacturing capabilities, and broadening distribution through quick commerce and physical retail outlets.

Troovy, established in 2023 by Mansi Baranwal and Aditya Mukherjee, aims to offer wholesome food products. Their assortment encompasses snacks, sauces, spreads, and millet pasta. Unique to Troovy are their vacuum-cooked potato chips, boasting 10-12% oil content and high protein, in contrast to mainstream chips with 35-40% oil. The brand also offers clean-label ketchups and seasonings, devoid of synthetic additives or preservatives.

Co-founder and Chief Business Officer Aditya Mukherjee stated that this investment is a testament to their model, which involves creating products for the very consumers they target. By engaging directly with users, the company is compelled to innovate, as satisfied customers do not suffice; a drastic reduction in unhealthy ingredients is necessary.

Troovy engaged with more than 100 mothers and their children through focus groups, recipe brainstorming, and product sampling to refine their approach to crafting snacks with wholesome ingredients, free from detrimental preservatives or additives, while retaining the desired taste for children. Principal of Fireside Ventures, Ankita Balotia, expressed that the company's valuation increased fivefold in the eight months post their last investment, which prompted them to double down on their investment.

The Troovy team has demonstrated exceptional proficiency in growth and supply chain management. Prior to this round, Troovy had secured $5 million in a Series A funding round earlier this year.