Lo! Foods Raises $1 Mn In Pre-Series A Funding Round
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Bengaluru-based startup Lo! Foods, which offers low-carb and keto-friendly packaged products along with cloud kitchens across four cities, announced on Friday to have raised $1 million in pre-Series A funding round led by the Chona Family Office, erstwhile promoters of Havmor Ice Cream. The round also saw participation from Ecosystem Ventures, Raveen Sastry (co-founder, Multiply Ventures), KRS Jamwal, and Pratyush Prasanna (Gojek), among others.
The funds will be used towards accelerating growth, strengthening existing distribution networks, and ramping up marketing.
“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,” said Sudarshan Gangrade, chief executive officer and founder, Lo! Foods.
Started in 2019 by Sudarshan Gangrade, a serial entrepreneur and former head of marketing at Ola, the startup’s each product is formulated in-house and provides less than three grams of net carbs per serving; making it 60-80 per cent lower than regular products.
The startup has ramped up to twenty cloud kitchens across Bangalore, Delhi, Gurgaon, and Hyderabad.
“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 behavior, 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,” stated Ankit Chona, ex-promoter, Havmor Ice Cream group.
Lo! Foods products are available on its website and on e-commerce sites like Amazon, Flipkart, and Bigbasket. The platform has also tied up with five-star chains like Hyatt and Sheraton to offer a low-carb and keto-friendly menus to customers. The company has recently expanded into international markets such as the US, Singapore, and the Middle East.
“Over the last decade, due to changes in diet and sedentary lifestyles, there has been an increase in the incidence of lifestyle diseases such as diabetes, obesity, and cardiac risks. The only way to seamlessly switch to a healthier diet is by creating a range of everyday food products that Indians are used to eating, but low-carb, healthier, and just as tasty. Lo! Foods has identified this gap in the market and has thoughtfully created a range of products that offer great health benefits without compromising on taste. We are happy to be supporting the team in their mission to reduce the incidence of lifestyle diseases in India,” added Abhishek Sanghvi, co-founder, Ecosystem Ventures.
The FMCG startup Lo! Foods has earlier raised $500,000 from a clutch of well-known angel investors, including Anuj Golecha, Rashmi Daga, Raveen Sastry, and Mitesh Shah. PC Musthafa, and Aditya Somani, among others, are a part of the advisory team.