Troovy Secures $5 Million for Clean-Label Snacking Growth
Troovy, a clean-label snacking startup located in Gurugram, has successfully raised $5 million in a Series A funding round spearheaded by Fireside Ventures and Sharrp Ventures. This round also saw participation from existing investors, Spring Marketing Capital and Veltis Capital. Earlier, in May of the previous year, Troovy raised Rs 20 crore ($2.3 million) in its pre-Series A round that was led by Fireside Ventures among others. Prior to this, the startup obtained an undisclosed seed funding amount in 2023.
The funds raised will be directed towards expanding distribution networks through e-commerce, quick commerce, and direct-to-consumer (D2C) channels. Additionally, Troovy plans to introduce new products within the clean snacking categories and aims to scale its operations towards achieving Rs 100 crore in revenue within the next few years.
Background of Troovy
Founded in 2021 by Mansi Baranwal and Aditya Mukherjee, Troovy is dedicated to providing clean, kid-friendly snacks meant for families. The startup operates in various categories, including chips, puffs, cookies, sauces, spreads, and multi-millet milk mixes. Its product offerings are characterised by the absence of refined sugar, maida, palm oil, preservatives, and artificial additives.
Growth and Development Strategy
Over the past five months, Troovy has reported a remarkable 5X growth, attributed to repeat purchases and an increase in acceptance among urban families. The brand employs a rigorous product development process that includes several rounds of testing prior to commercial launches.
Currently, Troovy distributes its products via online marketplaces as well as its own website, with ambitions to intensify its presence across digital platforms. Furthermore, the brand is keen to diversify its portfolio by incorporating ingredients like millets, dals, grains, nuts, and vegetables.