SUMMARY
- The Good Bug has secured $3.5 million in its Series A extension round from Sharrp Ventures.
- Existing investors Fireside Ventures and cofounder Keshav Biyani, also participated in this round.
- With this new funding, the company plans to expand its product line.
D2C company The Good Bug has secured $3.5 million or Rs 30 crore in its Series A extension round from Sharrp Ventures, the family office of Marcio Group chairman Harsh Mariwala.
The company’s financial disclosure shows that its existing investors, Fireside Ventures and cofounder Keshav Biyani, also participated in this round. Keshav Biyani is the nephew of Kishore Biyani.
To raise this amount, the company issued 630 Series A1 and Series A2 compulsory convertible preference shares (CCPS) to its investors. These shares will be converted into equity shares at a 1:10 ratio in the next fundraising, as detailed in the documents.
Out of the total amount of Rs 30 crore, the company has already collected Rs 20 crore. The rest is anticipated to be collected shortly.
With this new funding, the company plans to expand its product line.
Established in 2022 by Keshav Biyani and Prabhu Karthikeyan, The Good Bug offers a variety of products aimed at improving gut health and wellness, targeting lifestyle issues like bloating, constipation, and weight loss through gut health, among others.
In FY23, the company reported sales of Rs 2.79 crore, up from Rs 0.26 crore in FY23. However, it also faced a net loss of Rs 3.9 crore, climbing from Rs 0.15 crore in the previous year.
The company competes with other brands such as Power Gummies and Man Matters.
This latest round of funding is nearly a year after The Good Bug bagged $3.5 million in its Series A funding round led by Fireside Ventures. The round also included Future Group founder Kishore Biyani’s daughters, Ashni and Avni, from Think9 Consumer Technologies.
