Happy Jars Raises INR 3 Cr In Seed Round From Inflection Point Ventures
Funds raised would be used for scaling, building the brand, and expanding the online business
Health food brand Happy Jars offering natural peanut butter on Wednesday announced to have raised a seed round of INR 3 crore led by Inflection Point Ventures (IPV).
It is the eighth deal for 2021 of IPV, which is likely to invest INR 155 crore this year across 60-plus startups.
The funds raised will be used to launch new flavors, scale operations, build brand awareness and expand distribution to tier-I and tier-II cities, including Mumbai and Bangalore.
Founded in 2016, by couple Surabhi Talwar and Vikram Sekhar in their home kitchen, Happy Jars has now scaled nationally and has acquired 1 per cent market share of the Indian peanut butter market, standing at INR 250 crore today.
“At Happy Jars, we focus on making products that are so delicious that you’ll eat them every day. Our natural, good-for-you ingredients ensure that you’re eating the right things, and this combination is the magic behind a healthy lifestyle. We are delighted to have Inflection Point Ventures partnering with us on our journey. Their mentor and investor network is strong and offers guidance that is invaluable for a start-up that is scaling,” said Surabhi Talwar, co-founder, Happy Jars.
As customers actively look for healthy options, the demand for natural, preservative-free food brands has been on a rise. Dense with nutrition and recognizably clean, Happy Jars vouches for 100 per cent quality control with their own manufacturing unit based in Delhi. Their unsweetened peanut butter is made with pure nuts, with no hidden ingredients. All their products are vegan and gluten-free, without any oils or preservatives, the company claims.
“As health and immunity take centre stage in our lives, customers are making their choices clear. They want rich nutrition and low-in-sugar food options. Happy Jars is meeting these expectations and the impact of this trend is showing the way forward for brands that are true to their ethos. We found their approach of entering one category – Nut Butter in this case and rolling out various flavors while retaining the nutritional value of the ingredients an attractive proposition to invest in,” added Vinay Bansal, founder, and chief executive officer, Inflection Point Ventures.
Happy Jars is available across retail stores in Delhi NCR and all leading e-commerce portals including Amazon, Big Basket, Milkbasket, Swiggy and GOQii. The brand serves approx. 1 lakh customers every year, and is operationally profitable. Among its target audience, Happy Jars is already a category leader with a 30 per cent market share in modern trade stores with a loyal repeat customer base. The business grew 200 per cent during the pandemic and is growing at CAGR 6-times the category.