Cooking paste company CURRYiT has raised Rs 4.5 crore in a seed funding round led by RK Family Trust of Apollo Group, Freeflow Ventures, Tangent Advisors, prominent angel investors such as Ramesh Damani, and Ajaya Jain among others. CURRYiT’s pre-money valuation was Rs 40 crore.
The fresh funds will be deployed in the expansion of operations, betterment of brand promotions, and consolidation of distribution channels.
IIM alumnus Richa Sharma and Nischal Kandula cofounded CURRYiT in 2020, offering cooking pastes in varieties such as ginger garlic paste, instant tadka, Kashmiri rogan josh, butter masala, biryani paste, tomato puree and more. It overcomes the demerits of chemicals, palm oil, preservatives, and dehydrated vegetables.
The Delhi-based brand raised $139,000 in 2021 led by RPSG Capital Ventures, and IIM Udaipur among others. It claims to have served over 25,000 pincodes per day and to have had a 50% MoM growth on quick commerce platforms.
CURRYiT has set a goal to grow its monthly revenue 4X in the coming 6 months. It boasts of its world-class FDA and ISO-certified in-house manufacturing facility with over 40 quality checks. The facility allows the startup to simultaneously boost product go-to-market and keep costs low & benefit from economies of scale.
Market research indicates that the Indian ready-to-cook and spice market can potentially grow at a compounded annual growth rate (CAGR) of 15.7% from $9.81 billion in 2022 to $42.17 billion by 2032.
