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After growing its topline from ₹20 lakh a month to ₹2.5 crore within 16 months from launch, packaged snacks start-up Sattviko is in the market to raise ₹40 crore in Series A funding from institutional investors. .
Sattviko, which is now present in 10 cities, aims to expand to the top 20 cities. It’s eyeing a topline of ₹9 crore a month, and plans to set up a manufacturing facility near Delhi by March 2020. From 3,000 large-format stores at present, it plans to expand its reach to 70,000 retail outlets.
The start-up’s offerings — Khakra Chips, Makhana, Minute Namkeen, Gur Chana, Ajwaini Flax Seed and Paan Raisin — come in different flavours and pack sizes. Khakra Chips, its best-seller, is priced at ₹10 for a single serve pack and goes up to ₹70 for a family pack, which is 20 per cent pricier than Haldiram.
Fusion flavours
“We wanted to create a brand that presents traditional Indian snacks with a contemporary twist. For instance, we offer baked Khakra Chips in methi and jeera flavours along with pizza and jalapeno flavours. The idea is to create a brand of snacks that appeals to the entire family. Our Khakra Chips is a nachos killer,” said Prasoon Gupta, Founder-Director, Sattviko.
The company plans to hire 500 people across functions in four months, he added.
Sattviko will make its first international foray, into Dubai, later this month, and enter the US in January/February, initially targeting the large Indian diaspora.
The start-up has raised seed funding of $1 million since its inception, from marquee angel investors such as Shankar Narayanan M, former MD of Carlyle Group; Raman Roy, founder of Quatrro Global Services; and Ashish Gupta, founder of Helion Venture Partners.
“We are looking to raise ₹40 crore in Series A funding from institutional investors with participation from existing angel investors. Ten years down the line, our vision is to create an FMCG behemoth across multiple categories like HUL,” said Gupta, who is inspired by Eataly, a supermarket in Milan that offers customers the entire Italian experience from fresh food to cooked food to raw materials and cosmetics.
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