Troo Good, a Hyderabad-based company specializing in millet-based snacks, has successfully secured ₹72 crore (approximately $8.6 million) in funding. This investment round was led by Oaks Asset Management, with additional contributions from Puro Wellness and V Ocean Investments.
To facilitate this funding, Troo Good’s board has authorized the issuance of 10,176 equity shares, as per filings with the Registrar of Companies. Oaks Asset Management, an existing investor, contributed ₹37 crore, while Puro Wellness and V Ocean Investments invested ₹25 crore and ₹10 crore, respectively. The funds raised will primarily address the company’s working capital requirements.
With this latest funding round, Troo Good has raised a total of over ₹132 crore, which includes a ₹55 crore Series A round led by Oaks Management in November 2021. Following the allocation of this investment, the company is projected to have a valuation of ₹322 crore (around $38 million).
The recent influx of capital will lead to a redistribution of equity stakes, with Puro Wellness and V Ocean Investments controlling 7.75% and 14.28% of Troo Good’s capital, respectively. Oaks Asset Management will maintain a significant ownership stake of 28.89%.
Founded in 2018 by Raju Bhupati, Troo Good offers a diverse range of millet-based snacks, including chikkis, protein bars, and nutri bars. The company boasts impressive sales, reportedly selling over two million millet chikkis and other snacks daily.
While Troo Good has not yet released its financial results for FY24, it experienced a modest revenue increase of 7% during the fiscal year ending in March 2023, reaching ₹52.7 crore. Importantly, the company achieved profitability during this period, thanks to effective cost management strategies.
In the competitive snack market, Troo Good faces rivals such as Slurrp Farm, which recently raised $7.2 million in funding earlier this year.