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Lo! Foods raises funds from FMCG & investment cos to expand portfolio
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Friday, 23 August, 2019, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Lo! Foods, a low-carb and Keto-friendly range of packaged foods brand, announces seed funding round. The company, started in early 2019 by former Ola senior executive Sudarshan Gangrade, has raised $50,000 from a clutch of well-known angels from financial and FMCG verticals.
Some of the angels who participated in this round include Anuj Golecha, co-founder, Venture Cataylst; Rashmi Daga, founder, Freshmenu; Raveen Sastry, co-founder, Myntra; Mitesh Shah, chief financial officer, BookMyShow; Sunil Chhabra, advisor and founding team member, Jumbotail, and Gaurav Arora, chief investment officer, ASK Wealth.
“The company has also brought on board advisors to mentor the Founder for the next phase of growth of the brand. Advisors include stalwarts of the FMCG industry,” said P C Musthafa, co-founder and chief executive officer, ID Fresh Food India, and Anuradha Narasimhan, former chief marketing officer, Britannia.
“Lo! Foods was started with a single purpose - to build a truly healthy product that works. A brand that creates a healthy and low-carb Keto-friendly food that is inherently Indian,” said Gangrade.
“Our products have seen great traction and validation with our consumers, with extremely high monthly repeats. Fine dining spaces like five-star hotels have also validated our product quality and taste by creating exclusive menus,” he added.
“Top FMCG and financial executives coming on board to invest and mentor the company is another strong validation of the prospects we have as an organisation. We believe we are now ready to further scale up our operations to the next level,” said Gangrade.
The Bengaluru-based company already has the widest low-carb and Keto-friendly packaged snacks range in India. Lo! Foods range of products includes atta, biscuits, snacks, namkeens and chocolates.
The product is available on top health platforms like Freshmenu and Eat Fit and e-commerce sites like Amazon, Flipkart and Big Basket. With the infusion of fresh funds, Lo! Foods will look to further scale up its online presence aggressively.
“As an investor, I meet multiple startups trying to solve a real problem. Gangrade from Lo! Foods stood out for his attempt to solve a very real and pressing health issue in India – that of obesity, diabetes and cardiac risks,” said Golecha.
“With his strong understanding of science, consumer and the business, he has built an initial product that has the ability to scale and create a whole new category in the Indian food space,” he added.
According to P C Musthafa, founder, ID Foods, said, “Lo! Foods, by trying to build an Indian and tasty range of healthy products is attempting to do something similar in the low-carb space.”
“More importantly, the passion to impact health at scale got me convinced to come on board as an advisor for Lo! Foods. I hope I can help them with my experience in building an Indian food brand from ground up,” he added.
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