Lo! Foods, a low carbs/high protein packaged food start-up, has raised half a million dollars from a clutch of angel investors from the FMCG and financial services community within eight months of going live.
The angels who have invested in their personal capacity include Anuj Golecha, co-founder of Venture Catalyst; Raveen Sastry, co-founder of Myntra; Rashmi Daga, founder of FreshMenu; Sunil Chhabra, founding partner of Jumbotail; and Mitesh Shah, CFO of BookMyShow. FMCG heavyweights such P C Musthafa, co-founder of ID Fresh Food India and Anuradha Narasimhan, former CMO of Britannia, have come on board as mentors and advisors to Lo! Foods.
The Bengaluru based start-up, which was in beta launch phase since January, is now live on Amazon, Flipkart, BigBasket, QTrove and The Better India Shop. Its specially formulated 13 products range across namkeen, biscuits, snacks, atta and desserts, providing less than 5 gm of net carbs per serving, which is nearly 60-80 per cent lower than regular products.
“Lo! Foods was launched to help consumers cut down their carb intake and avoid lifestyle disorders like diabetes. To achieve this, we need to reach 50-60 million customers, therefore we want to be the catalyst for this category and inspire other brands to support our mission, ” Sudarshan Gangrade, founder of Lo! Foods told BusinessLine.
The “healthy for you” market is worth Rs 1,500 crore in India and we are targeting a revenue run rate of $1-2 million this fiscal. The funds raised will be used to expand the product portfolio and scale up distribution of the brand” added Gangrade.