Healthy Snacking Company Eat Better Ventures raises INR 5.5 crore from Java Capital & Others
Eat Better Ventures, a healthy snacking company, announced that it has received Rs 5.5 crore in a seed round headed by Java Capital and Mumbai Angels.
Shiprocket Ventures, CapierCapital, and Plan B Capital also participated in the round. Among those that took part in the round were Harpreet Grover, Arjun Vaidya, Bhavik Vasa, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, and Divij Bajaj.
The cash will be used to increase manufacturing capacity, develop new products, and expand marketing and distribution channels for the direct to consumer company, which creates nutritious organic snacks. The brand mostly sells through its own website and markets like Amazon.
"Most packaged foods available are full of chemicals, artificial flavours and preservatives. Eat Better aims to change this narrative. We are excited to welcome an amazing group of investors who have backed and scaled large businesses. Our aim is to build a large and enduring food and beverage brand that offers customers delicious and healthy foods at the click of a button,” stated Shaurya Kanoria, co-founder of Eat Better.
Snacking is one of the most popular packaged food categories in India, with yearly sales of Rs40000 crore. According to Tracxn, a market intelligence provider for private company data, around 1500 companies have entered the food and beverage (F&B) industry, raising $1.6 billion in the last five years.
Despite the introduction of prominent corporations such as Marico and Hindustan Unilever into the area, the market for healthy products remains tiny and niche.
Eat Better is a Jaipur-based firm that makes snacks that are 100 percent natural and free of chemicals, artificial flavours, and colours. It was founded in August 2020, during the peak of the pandemic, by mother-son combo Mridula Kanoria and Shaurya Kanoria. The brand's revenue has increased tenfold in the last 18 months.
"Healthy and snacking need not be at odds with each other. Eat Better is building on India’s rich traditions of healthy snacks to bring time tested nibbles with a twist to suit the modern Indian palettes," Karteek Pulapaka, Partner Java Capital said.
According to a recent study, most large food companies have implemented functionalization in their product portfolio to differentiate and drive value for consumers, and 40% of Indian respondents are willing to pay a premium for products that promote health and wellness, compared to only 29% of global respondents.
“While some see this as a short-term phenomenon, we expect this phase to catalyze a larger acceleration in the propensity towards personal health, hygiene, fitness and holistic nutrition. European and Asian nations have adopted functional foods and supplements, the Indian consumer is still predominantly showing a preference for “better for you” foods and home remedies. Ayurveda and herbal are increasingly becoming “back to roots” answers to modern problems,” says Angshuman Bhattacharya, National Leader – Consumer Product & Retail Sector, EY India.
Shiprocket Ventures, CapierCapital, and Plan B Capital also participated in the round. Among those that took part in the round were Harpreet Grover, Arjun Vaidya, Bhavik Vasa, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, and Divij Bajaj.
The cash will be used to increase manufacturing capacity, develop new products, and expand marketing and distribution channels for the direct to consumer company, which creates nutritious organic snacks. The brand mostly sells through its own website and markets like Amazon.
"Most packaged foods available are full of chemicals, artificial flavours and preservatives. Eat Better aims to change this narrative. We are excited to welcome an amazing group of investors who have backed and scaled large businesses. Our aim is to build a large and enduring food and beverage brand that offers customers delicious and healthy foods at the click of a button,” stated Shaurya Kanoria, co-founder of Eat Better.
Snacking is one of the most popular packaged food categories in India, with yearly sales of Rs40000 crore. According to Tracxn, a market intelligence provider for private company data, around 1500 companies have entered the food and beverage (F&B) industry, raising $1.6 billion in the last five years.
Despite the introduction of prominent corporations such as Marico and Hindustan Unilever into the area, the market for healthy products remains tiny and niche.
Eat Better is a Jaipur-based firm that makes snacks that are 100 percent natural and free of chemicals, artificial flavours, and colours. It was founded in August 2020, during the peak of the pandemic, by mother-son combo Mridula Kanoria and Shaurya Kanoria. The brand's revenue has increased tenfold in the last 18 months.
"Healthy and snacking need not be at odds with each other. Eat Better is building on India’s rich traditions of healthy snacks to bring time tested nibbles with a twist to suit the modern Indian palettes," Karteek Pulapaka, Partner Java Capital said.
According to a recent study, most large food companies have implemented functionalization in their product portfolio to differentiate and drive value for consumers, and 40% of Indian respondents are willing to pay a premium for products that promote health and wellness, compared to only 29% of global respondents.
“While some see this as a short-term phenomenon, we expect this phase to catalyze a larger acceleration in the propensity towards personal health, hygiene, fitness and holistic nutrition. European and Asian nations have adopted functional foods and supplements, the Indian consumer is still predominantly showing a preference for “better for you” foods and home remedies. Ayurveda and herbal are increasingly becoming “back to roots” answers to modern problems,” says Angshuman Bhattacharya, National Leader – Consumer Product & Retail Sector, EY India.
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