Lo! Foods raises $1 million in Pre-Series A round led by Chona Family Office
Bengaluru-based FMCG startup Lo! Foods has raised $1 million in pre-series A round led by the Chona Family Office, erstwhile promoters of Havmor Ice Cream. The round also saw the participation of other investors including Ecosystem Ventures, Raveen Sastry (Co-founder, Multiply Ventures), KRS Jamwal, Pratyush Prasanna (Gojek).
The fresh capital will be used towards accelerating growth, strengthening existing distribution networks, and ramping up marketing.
Lo! Foods offers low-carb and Keto-friendly packaged products along with Cloud Kitchens across 4 cities. The startup aims to reduce the incidence of obesity, cardiac, and diabetes-related illness in India by 5 million by 2023.
“We are pleased with the further validation of our products and business model from our existing as well as new investors. Our product range has gained tremendous traction, and the response from our customers has been extremely positive. Through our relentless focus on product innovation, we will continue to offer newer products and expand our footprint. The new investment will accelerate our next phase of growth and enable us to further strengthen our presence in the market.” says, Sudarshan Gangrade, CEO & Founder, Lo! Foods.
Sudarshan Gangrade, a serial entrepreneur and former Head of Marketing at Ola, founded Lo! Foods in 2019 to provide a range of healthy low carb and keto-friendly packaged goods that are quintessentially Indian. According to the brand, each food is formulated in-house and contains less than three grams of net carbs per serving, which is 60 percent to 80 percent less than standard products.
The startup covers all items from Staples (Atta) to Snacks (Namkeen, Cookies) and Desserts. It has also ramped up to 20 cloud kitchens across Bengaluru, Delhi, Gurugram, and Hyderabad.
Commenting on the investment, Ankit Chona, ex-promoter of Havmor Ice Cream group, added, “What sets Lo! Foods apart is its deep-rooted connection with the Indian customer. Their vision in creating a range of healthy and tasty products that's familiar to and loved by generations of Indians has been well received in the market. With its strong understanding of the science of nutrition and Indian consumer behaviour, the brand is positioned for incredible future growth and has immense potential to become a category leader. We are excited to be a part of their growth story.”
Anuj Golecha, co-founder of Venture Catalyst; Rashmi Daga, founder of Freshmenu; Raveen Sastry, co-founder of Myntra; and Mitesh Shah, CFO of BookMyShow, had previously invested $500,000 in the startup. The advisory board includes PC Musthafa, Co-founder and CEO of ID Fresh Food India, and Aditya Somani (serial investor), among others.
The goods are also available on Amazon, Flipkart, and BigBasket, as well as on the company's website. Lo! Foods have partnered with five-star hotels including Hyatt and Sheraton to deliver low-carb and keto-friendly menus to their clients, in addition to their low-carb items and cloud kitchens. Recently, the organisation has expanded into foreign markets such as the United States, Singapore, and the Middle East.
The fresh capital will be used towards accelerating growth, strengthening existing distribution networks, and ramping up marketing.
Lo! Foods offers low-carb and Keto-friendly packaged products along with Cloud Kitchens across 4 cities. The startup aims to reduce the incidence of obesity, cardiac, and diabetes-related illness in India by 5 million by 2023.
“We are pleased with the further validation of our products and business model from our existing as well as new investors. Our product range has gained tremendous traction, and the response from our customers has been extremely positive. Through our relentless focus on product innovation, we will continue to offer newer products and expand our footprint. The new investment will accelerate our next phase of growth and enable us to further strengthen our presence in the market.” says, Sudarshan Gangrade, CEO & Founder, Lo! Foods.
Sudarshan Gangrade, a serial entrepreneur and former Head of Marketing at Ola, founded Lo! Foods in 2019 to provide a range of healthy low carb and keto-friendly packaged goods that are quintessentially Indian. According to the brand, each food is formulated in-house and contains less than three grams of net carbs per serving, which is 60 percent to 80 percent less than standard products.
The startup covers all items from Staples (Atta) to Snacks (Namkeen, Cookies) and Desserts. It has also ramped up to 20 cloud kitchens across Bengaluru, Delhi, Gurugram, and Hyderabad.
Commenting on the investment, Ankit Chona, ex-promoter of Havmor Ice Cream group, added, “What sets Lo! Foods apart is its deep-rooted connection with the Indian customer. Their vision in creating a range of healthy and tasty products that's familiar to and loved by generations of Indians has been well received in the market. With its strong understanding of the science of nutrition and Indian consumer behaviour, the brand is positioned for incredible future growth and has immense potential to become a category leader. We are excited to be a part of their growth story.”
Anuj Golecha, co-founder of Venture Catalyst; Rashmi Daga, founder of Freshmenu; Raveen Sastry, co-founder of Myntra; and Mitesh Shah, CFO of BookMyShow, had previously invested $500,000 in the startup. The advisory board includes PC Musthafa, Co-founder and CEO of ID Fresh Food India, and Aditya Somani (serial investor), among others.
The goods are also available on Amazon, Flipkart, and BigBasket, as well as on the company's website. Lo! Foods have partnered with five-star hotels including Hyatt and Sheraton to deliver low-carb and keto-friendly menus to their clients, in addition to their low-carb items and cloud kitchens. Recently, the organisation has expanded into foreign markets such as the United States, Singapore, and the Middle East.
