[Funding Alert] This Indian Snack Start-Up Raised $2.7 Mln Series A
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Snack start-up Samosa Singh has raised $2.7 million in a Series A round led by SHE Capital, the company said on Friday. The round also saw participation from existing investor Fireside Ventures as well as Equanimity Investments, Japan-based AET Fund, and the AL Trust.
Founded in 2016, the company’s original objective was to reinvent the Indian snack samosa by presenting it in a variety of ways. Over 100,000 hours of research and development has resulted in samosas that are 56 percent lower in fat than their traditional counterparts, the Bengaluru-based start-up said in a statement. The brand’s unique offerings include kadai paneer samosa, achaari murg samosa, and its trademark chocolate samosa.
“Passion for our product drives everything we do, and we’re thrilled to have found a set of partners whose ideals align with ours,” said co-founder and chief executive officer Shikhar Veer Singh.
The new funding would be used to scale up operations, increase production capabilities, and expand in multiple cities, while also allowing it to enter households through a delivery via cloud kitchen model.
“Samosa Singh was born from a simple realisation – in India, leisure time and snack foods are both inextricably linked to the country’s cultural fabric. And what food better exemplifies our country than the versatile samosa. Through Samosa Singh we’ve found a way to strengthen this bond, and by positioning ourselves as leaders in the underpenetrated and fragmented gourmet snack market are poised for immense growth,” said co-founder and chief operating officer Nidhi Singh.
SHE Capital was created to enable high-growth women-led businesses to thrive in the country. “As our first investment, Samosa Singh led by Nidhi is a great embodiment of this vision,” said Anisha Singh, founder of SHE Capital.
The company has aggressive expansion plans going forward. It aims to have over a hundred cloud kitchens by the end of 2020.
“Owing to scaled entertainment avenues in the country coupled with accessibility, affordability and demand, we see Samosa Singh re-creating the local fast-food category in India in unique ways,” said Yuki Kawamura, partner at AET Fund.
While Samosa Singh already has an established presence in Bengaluru and Hyderabad, it now plans to establish and consolidate its presence across South India in the coming year.
“India is ready for the next leap in great consumer brands. Samosa Singh has taken a nostalgic Indian snack & created a buying/ consuming experience that’s in line with millennials’ habits & attitudes,” said Vinay Singh, founding partner at consumer-focused venture capital firm Fireside Ventures.