Sauce maker 'Troovy' likely to lift $1.5 million from Sharrp Ventures
The Gurugram based Sauce making startup Troovy is in the advanced stages of raising Rs. 11-13 crore or around $1.5 million in funding from Sharrp Ventures. The canned food and pickle industry is burgeoning and attracting investors.
According to the report,the funding round is still on and it is likely to attract other investors to put money in the firm. The company will be using the new proceeds to expand its assortment and stock-keeping units (SKUs) and grow its presence to take on other players like Veeba, Wingreens, MasterChow, and others in a competitive market.
This funding round will be the largest for the company since the beginning in 2021. The company previously raised smaller amounts from Veltis Capital, Swadharma Source Ventures and others.
The company will finalize the a round after its competitor Master Chow secured a fresh funding round led by Singapore and India-based Tanglin Venture Partners.
Sauce companies and consumer brands are experiencing rapid growth due to the thriving quick commerce industry in the country. Platforms like Zomato-owned Blinkit, Swiggy Instamart, Zepto, and Tata BigBasket are facilitating the discovery of small brands, allowing them to expand their business without significant investment in supply chain logistics.
For Sharrp Ventures, known for its successful investments in Mamaearth, Nykaa, and others, this marks a rare instance of making a small-ticket investment. However, the brand's potential has bolstered the investor's confidence, according to sources.
Founded by Mansi Baranwal in October 2021, Troovy aims to revolutionize sauce consumption by replacing additives and preservatives with natural ingredients. Baranwal, who spent nearly a decade at consulting firm Bain and Company before launching her own venture, was inspired to start Troovy due to her passion for healthy food.
In an interview with IIM-Bangalore (IIMB), Mansi Baranwal said, “The concept behind Troovy is closely tied to my experiences at Bain, where I participated in two major social projects with Tata Trust and the Akshaya Patra Foundation.
These initiatives focused on nutrition and highlighted the disturbing prevalence of malnutrition among children in India, even in affluent families. Many children were failing to achieve their optimal height and weight due to nutritional deficiencies.”
She also added that, as parents of a three-year-old, they decided to create a brand that would tackle these issues by offering nutritious, wholesome products for children across the country, and they created Troovy.
They view themselves as a health company rather than a food company, committed to improving children’s nutrition nationwide.
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According to the report,the funding round is still on and it is likely to attract other investors to put money in the firm. The company will be using the new proceeds to expand its assortment and stock-keeping units (SKUs) and grow its presence to take on other players like Veeba, Wingreens, MasterChow, and others in a competitive market.
This funding round will be the largest for the company since the beginning in 2021. The company previously raised smaller amounts from Veltis Capital, Swadharma Source Ventures and others.
The company will finalize the a round after its competitor Master Chow secured a fresh funding round led by Singapore and India-based Tanglin Venture Partners.
Sauce companies and consumer brands are experiencing rapid growth due to the thriving quick commerce industry in the country. Platforms like Zomato-owned Blinkit, Swiggy Instamart, Zepto, and Tata BigBasket are facilitating the discovery of small brands, allowing them to expand their business without significant investment in supply chain logistics.
For Sharrp Ventures, known for its successful investments in Mamaearth, Nykaa, and others, this marks a rare instance of making a small-ticket investment. However, the brand's potential has bolstered the investor's confidence, according to sources.
Founded by Mansi Baranwal in October 2021, Troovy aims to revolutionize sauce consumption by replacing additives and preservatives with natural ingredients. Baranwal, who spent nearly a decade at consulting firm Bain and Company before launching her own venture, was inspired to start Troovy due to her passion for healthy food.
In an interview with IIM-Bangalore (IIMB), Mansi Baranwal said, “The concept behind Troovy is closely tied to my experiences at Bain, where I participated in two major social projects with Tata Trust and the Akshaya Patra Foundation.
These initiatives focused on nutrition and highlighted the disturbing prevalence of malnutrition among children in India, even in affluent families. Many children were failing to achieve their optimal height and weight due to nutritional deficiencies.”
She also added that, as parents of a three-year-old, they decided to create a brand that would tackle these issues by offering nutritious, wholesome products for children across the country, and they created Troovy.
They view themselves as a health company rather than a food company, committed to improving children’s nutrition nationwide.
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