D2C healthy food brand Anveshan is set to raise Rs 29.86 crore (approximately $3.5 million) in its Series A funding round. This round is led by Wipro Enterprises, with participation from existing investors such as DSG Consumer Partners, Titan Capital, as well as boAt co-founders Aman Gupta and Sameer Mehta, along with AngelList.
Regulatory filings from the Registrar of Companies (RoC) indicate that Anveshan’s board has sanctioned the issuance of 1,178 Series A CCPS and 10 equity shares, priced at Rs 2,51,367 each, to meet the funding goal. The company aims to utilise this new capital to enhance its long-term financial stability.
As per estimates from Startup Superb, the valuation of the D2C brand is expected to soar to Rs 430 crore (approximately $51 million), marking a 2.7X increase compared to its previous valuation of $19 million in the last funding round.
Highlights
About Anveshan
Founded in 2020 by Aayushi Khandelwal, Akhil Kansal, and Kuldeep Parewa, Anveshan focuses on minimally processed food products sourced from rural areas. The brand empowers food micro-entrepreneurs in villages across India who produce these items using traditional methods. Anveshan not only ensures high-quality food products for its customers but also contributes to the social and economic upliftment of Indian farmers.
Product Portfolio
Anveshan’s current offerings include A2 cow ghee, wood-pressed edible oils, raw honey, healthy sweets, beverage mixes, and various other natural food products.
Funding History
To date, Anveshan has raised approximately $4.5 million. This includes $2 million from its pre-Series A round in September 2022, which was led by DSG Consumer Partners. Reports suggest that DSG Consumer Partners will become the largest external shareholder in Anveshan, holding a 16.59% stake, while newcomer Wipro Enterprises will possess a 3.49% stake in the firm.
Financial Performance
In the fiscal year ending March 2024, Anveshan reported an impressive 85% year-on-year growth in operating revenue, reaching Rs 58 crore, up from Rs 31.3 crore in FY23. Concurrently, the company managed to reduce its losses by 24%, amounting to Rs 5.7 crore.
Competitive Landscape
Anveshan faces competition from emerging organic health food brands such as Vedic, Auric, Kapiva, Two Brothers Organic Farms, Rosier Foods, and others.