Angel platform IPV invests in food start-up Samosa Party

Our Bureau Bengaluru | Updated on June 29, 2020

Angel investment platform Inflection Point Ventures (IPV) has invested an undisclosed amount in snacking start-up Samosa Party. This marks IPV’s 8th investment in the last 90 days, amid the Covid-19 outbreak.

IPV said it has been investing in start-ups across sectors including healthtech, edtech, delivery, online grocery and social distancing tech to help companies working in these areas scale up.

Ankur Mittal, co-founder, Inflection Point Ventures, said: “Samosa Party has grown tremendously over the past couple of years and has risen to amongst the top brands for Indian snack food in Bengaluru. In a post-Covid world of increasing focus on hygiene standards, start-ups like Samosa Party will be relevant as customers would trust hygienic and professionally managed brands to serve them food, with safety being the guiding force from kitchen to table.”

The company continues to see business growth even during the lockdown and “we want to back such companies”, he said. “We believe our vast investor base will provide an impetus to Samosa Party’s growth by helping forge partnerships. IPV investors are totally behind the start-up’s vision of elevating the humble Indian samosa and taking it to the world and look at Samosa Party as a company with the potential to build global businesses like Dunkin Donuts and Auntie Anne’s,” he added.

Samosa Party was launched with a mission to make good quality samosa accessible to customers across all channels in a hygienic and trustworthy environment, said a company statement. The company has scaled to serving 1.5 lakh samosas per month. The product USP is freshly fried samosas in 14 different varieties, the statement added.

"We appreciate the digital first approach of IPV for pitch and all further discussions. It was fast and efficient and we were guided by industry veterans. They understood our vision and took the time to help us articulate it further. We have been running a profitable business and this funding round further strengthens my belief that good business models that can stand tall during downturns will have no shortage of funds with credible investors like IPV backing us,” said Amit Nanwani, co-founder, Samosa Party.

Samosa Party intends to utilise these funds to set up the infrastructure for scale, open cloud kitchens across Bengaluru and other tier 1 cities. It is also looking to improve its production technology. At present, it claims to run a lean and productive cloud kitchen, at ₹8,000 per sq ft.

The Indian snack market is pegged at ₹42 lakh crore and 65 per cent of this is unorganised. With rising concerns around hygiene and well-being, customers will opt for branded and dependable food brands, said the statement. With Indians consuming 2.7 times snacks compared to 2.3 times meals, Samosa Party taps this space to reach every corner of the country, it added.

Published on June 29, 2020

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