Updated February 12th, 2024 at 18:48 IST
Food startup Yu raises Rs 20 crore
The funding was raised as part of a follow-on Series A funding
Funds for food: Consumer foods brand Yu has raised Rs 20 crore led by public market investor Ashish Kacholia and promoters of Asian Paints Manish Choksi and Varun Vakil, the company said on Monday.
The follow-on Series A round after 2022 takes the total funding raised by the chef-crafted instant food company to Rs 40 crore, the company stated.
The funds, the company said, will be utilised to scale-up its manufacturing capacity while entering multiple product categories and segments.
Founded in 2021 by Bharat Bhalla and Varun Kapur, the Gurugram-based brand started with instant bowls and now manufactures ready to cook noodles, pastas as well as natural beverages.
“Since the last fund raise, Yu has grown exponentially having deepened its penetration in the Indian market and opened up several export markets like South Africa where Yu now has a nation-wide presence. We are successfully selling products in global markets such as South Africa, Middle East and Australia. The funds raised will allow us to augment our manufacturing capacity and grow our distribution in India and globally,” the founders said.
Other investors in the company include Indian cricketer Hardik Pandya, boAt founder Sameer Mehta as well as DPIITs Start Up India Seed Fund.
Yu is present across over 6,500 offline stores and e-commerce channels as well as institutional segments.
As part of its expansion plans for the next 12 months, Yu is looking to consolidate its presence and set up a nationwide distribution network. The company, which already has 2,000 stores in South Africa, is looking to solidify its position there.
The brand launched its maiden Coconut Water last year, with plans to strengthen its beverage portfolio in the coming summer.
“(Yu) is witnessing significant business traction having achieved over 200 per cent growth QoQ on the back of sales of 1.5 million units in Q3-FY24 (Oct-Dec 2023)”, the company said.
Published February 12th, 2024 at 18:48 IST