Skippi, the renowned ice popsicle brand known for its innovation, has recently closed a successful funding round, raising ₹10 crore in Pre Series A funding. The round was led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs), with substantial contributions from Soonicorn Ventures, HEM Securities, and several individual angel investors. Currently, the brand is in advanced discussions to secure an additional ₹7 crore in the following weeks, showcasing investor confidence in its growth trajectory.
The infusion of capital will be strategically allocated towards bolstering brand building and marketing endeavors. Skippi aims to strengthen its working capital, drive innovation in product development, and recruit key leadership personnel to steer its expansion plans effectively.
Since its inception in 2021, Skippi has rapidly expanded its market presence, with products available in over 20,000 outlets across the nation. The brand has also cultivated a robust online presence through leading platforms such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. Notably, Skippi recently diversified its product portfolio by introducing cornsticks and cream rolls, with aspirations to achieve a valuation of ₹100 crore.
The brand garnered significant attention following its successful pitch on the inaugural season of Shark Tank India. Esteemed investors including Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal collectively invested ₹1.2 crore for an 18 percent equity stake in the company.
Ravi Kabra, CEO and Co-Founder of Skippi, expressed his enthusiasm about the recent funding, emphasizing its pivotal role in propelling Skippi towards becoming a leading FMCG brand in India. He stated, “This funding is a significant milestone for Skippi as we endeavor to solidify our position in the market. With this infusion of capital, we are poised to intensify our branding efforts, innovate new products, and attract top talent to our leadership team.”
Pradeep Dhobale, Vice Chairman and lead investor at Hyderabad Angels, lauded Skippi’s potential in the FMCG Foods segment, noting the brand’s ability to carve a niche in a domain dominated by large multinational corporations and domestic players.
The frozen dessert sector in India is witnessing substantial growth, with forecasts indicating it will soar to $2.4 billion by 2027. Skippi’s innovative approach, coupled with the recent funding injection, is poised to significantly bolster its expansion efforts and market presence in this burgeoning industry.