SUMMARY
- Troo Good has secured Rs 72 crore funding from Oaks Asset Management.
- The Troo Good board has approved a resolution to issue 10,176 equity shares to secure the funds.
- The company intends to utilize these funds for its operational needs.
Millet-based snack brand Troo Good has secured Rs 72 crore (approximately $8.6 million) funding from Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments.
The Troo Good board has approved a resolution to issue 10,176 equity shares to secure the funds, as detailed in its regulatory documents accessed by Entrackr from the Registrar of Companies.
Oaks Asset Management has contributed the most with Rs 37 crore, with investments from V Ocean Investments at Rs 10 crore and Puro Wellness at Rs 25 crore. The documents also reveal that the company intends to utilize these funds for its operational needs.
To date, the Hyderabad-based brand has managed to raise approximately Rs 132 crore, including a Rs 55 crore investment from Oaks Management in November 2021. The brand is expected to be valued at Rs 322 crore or $38 million after the distribution of shares.
After the latest investment, Oaks Asset Management will hold 28.89% of the company’s equity, with Puro Wellness and V Ocean Investments each owning stakes of 7.75% and 14.28%, respectively.
Established in 2018 by Raju Bhupati, Troo Good offers a range of millet-based snacks, including chikkis, protein bars, and nutri bars. The company makes sales of over 2 million millet chikkis and other millet snacks daily.
Although the company has not yet disclosed its financial results for FY23, it has reported a modest 7% increase in revenue, reaching Rs 52.7 crore during that period. This growth was made possible through effective cost management, which also led to the company achieving profitability.
Notably, Troo Good competes with Slurrp Farm, which secured $7.2 million in January of this year.
