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Samosa Singh raises $2.7 mn to recreate Indian fresh snacks category
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Saturday, 25 January, 2020, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Indian snacking start-up Samosa Singh has raised a total of $2.7 million (Rs 17 crore) in a Series A funding round led by She Capital, along with continued participation from follow-on investors Fireside Ventures. The funding round also saw participation from early-stage fund Equanimity Investments, Japan-based AET Fund, and the AL Trust.
This amount will enable the Bengaluru-based brand to scale up its operations, increase its production capabilities, and expand in multi-cities, while also allowing it to enter the households through their quick delivery via cloud kitchen model.
Samosa Singh was founded in 2016, with the objective of reinventing the king of Indian snacks – the samosa – and presenting it to customers in new and exciting ways.
By elevating the familiar joyful experience, it has helped the preferred local snack come a long way from its humble street food origins.
Targeting India’s massive food market, estimated to cross $540 billion this year, the brand has emerged as a leading player in the indulgent snacks category.
Over 1,00,000 man-hours of R&D (research and development) have resulted in samosas that are 56 per cent lower in fat than their traditional counterparts.
Among the brand’s unique offerings are the kadai paneer samosa, the achaari murg samosa, and their trademark chocolate samosa – the Chocossa.
Shikhar Veer Singh, co-founder and chief executive officer, said, “Passion for our product drives everything we do, and we are thrilled to have found a set of partners whose ideals align with ours.”
“Their backing and experience will allow us to expand our presence pan-India and increase our production capacity manifold, enabling samosa lovers across the country to experience the change,” he added.
“Samosa Singh was born from a simple realisation – in India, leisure time and snack foods are both inextricably linked to the country’s cultural fabric. And what food better exemplifies our country than the versatile samosa,” said Nidhi Singh, co-founder and chief operating officer, Samosa Singh.
“Through Samosa Singh, we have found a way to strengthen this bond, and by positioning ourselves as leaders in the underpenetrated and fragmented gourmet snack market are poised for immense growth,” he added.
Anisha Singh, founding partner, She Capital, said, “She Capital was created with a vision to empower and enable high-growth women led businesses in the country. As our first investment, Samosa Singh, led by Nidhi, is a great embodiment of this vision.”
“What excited us about them is the unique insights and innovations that Nidhi and Shikhar bring to one of the most consumed snacks in the country,” she added.
“Building on technology, scientific research and key consumer insights without diluting the experience or quality for end users is what makes this brand a great bet. We are excited to partner with them as we make Samosa Singh a household name,” Anisha said.
“The AET Fund is committed to collaborating with businesses that help enable joyful experiences. Our investment in Samosa Singh is a great example of that. Food has always been synonymous with leisure and entertainment across the globe,” said Yuki Kawamura, partner, AET Fund.
“By prioritising the emotional and nostalgic value of samosas, and highlighting them as a key food to pair with movies, Samosa Singh has succeeded in turning food into entertainment - a feat that’s completely unique in this space,” he added.
“Owing to scaled entertainment avenues in the country coupled with accessibility, affordability and demand, we see Samosa Singh recreating the local fast food category in India in unique ways. With this infusion of capital, we are thrilled to contribute to the brand’s future growth and expansion in this vast, underpenetrated segment,” Kawamura said.
“India is ready for the next leap in great consumer brands. Samosa Singh has taken a nostalgic Indian snack and created a buying/consuming experience that is in line with millennials’ habits and attitudes. We are excited to partner with Shikhar and Nidhi to reinvent Indian snacking,” said Vinay Singh, founding partner, Fireside Ventures.
Fireside ventures invest in early-stage consumer brand start-ups and provide growth capital at an early stage to help in scaling. They are also building a first-of-its-kind ecosystem for entrepreneurs in this space, with a strategic support network of in-house and partner resources.
Rajesh Sehgal, managing partner, Equanimity, sad, “Samosa Singh delivers world-class, standardised delicacies by integrating technology in each step of their process.”
“This ensures the management team is focussed on continuous product enrichment, driving business growth and delivering unparalleled customer delight,” he added.
“We are delighted to partner with Shikhar and Nidhi in their journey to make the samosa, even more, delectable and accessible for all Indians, globally,” Sehgal stated.
Equanimity is a $30-million venture capital fund that seeks to invest in capital-efficient, technology-enabled early-stage companies to help them scale sustainably and become meaningful global players.
Samosa Singh currently operates in Bengaluru and Hyderabad, with plans to establish and consolidate its presence in South India.in the coming year.
Since its founding, it has partnered with leading national brands such as INOX, PVR Cinemas, and Café Coffee Day, among others.
In 2019, Samosa Singh entered strategic partnerships with multinational retailers for the launch of its ready-to-eat and ready-to-cook samosa ranges. Samosa Singh recently opened its flagship outlet at Bangalore International Airport.
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