Instant food brand Yu has raised ₹20 crore in a follow-on Series A round after November 2022. The round was led byinvestor Ashish Kacholia and Asian Paints Promoter Group (Manish Choksi, Varun Vakil). The funds will be used to scale-up its manufacturing capacity while entering multiple product categories and segments.
Yu is available across over 6,500 stores, online, institutional segments and also is exported. The brand said it will look to consolidate its presence and setup a nationwide distribution network within the next 12 months. Apart from ramping up its domestic distribution, it will also expand its presence in South Africa where it has built a nationwide presence.
Founded by Bharat Bhalla and Varun Kapur, the brand started with the launch of instant bowls in 2021 and has since expanded to ready to cook noodles, pastas as well as natural beverages. It recently launched its Coconut Water last year and will look to strengthen its beverage portfolio this summer.
“The brand is witnessing significant business traction having achieved over 200 per cent growth QoQ on the back of sales of 1.5 million units in Q3-FY24 (Oct-Dec 2023),” it added.
In a joint statement the founders said, “Since the last fund raise, Yu has grown exponentially having deepened its penetrated in the Indian market and opened up several export markets like South Africa, Middle East and Australia. The funds raised will allow us to augment our manufacturing capacity and grow our distribution in India and globally.”
Apart from Ashish Kacholia and Asian Paints Promoter Group (Manisha Choksi, Varun Vakil), Yu counts Indian cricketer Hardik Pandya, Sameer Mehta (Founder of Boat), Srikrishna Dwaram (Partner, True North Private Equity), Nikhil Srivastava (PAG Private Equity) and DPIITs Start Up India Seed Fund among its investors.