Lo! Foods raises $1 Million in pre-series A funding
The funds will be used towards accelerating growth, strengthening existing distribution networks and ramping up marketing
Lo! Foods, a Bengaluru-based startup that offers Low-Carb and Keto friendly packaged products along with Cloud Kitchens across 4 cities, has raised $1 Million in pre-series A funding. The round has been led by the Chona Family Office, erstwhile promoters of Havmor Ice Cream. The round also saw participation from Ecosystem Ventures, Raveen Sastry (Co-Founder, Multiply Ventures), KRS Jamwal, Pratyush Prasanna (Gojek) among others. The funds will be used towards accelerating growth, strengthening existing distribution networks and ramping up marketing.
Started in 2019 by Sudarshan Gangrade, a serial entrepreneur and Former Head of Marketing at Ola; Lo! Foods offers a range of healthy Low Carbohydrates and Keto friendly packaged products that are quintessentially Indian. Each product is formulated inhouse and provides less than 3 gms of Net Carbs per serving; making it 60% - 80% lower than regular products.
Lo! Foods covers all Food occasions: from Staples (Atta) to Snacks (Namkeen, Cookies) and Desserts. The startup has also ramped up to 20 cloud kitchens across Bangalore, Delhi, Gurgaon and Hyderabad that offer fresh Low-Carb food like Parathas, Rolls, Sandwiches on demand through food delivery apps.
Speaking on the investment, Sudarshan Gangrade, CEO and Founder, Lo! Foods, said “We are pleased with the further validation of our products and business model from our existing as well as new investors. Our product range has gained tremendous traction, and the response from our customers has been extremely positive. Through our relentless focus on product innovation, we will continue to offer newer products and expand our footprint. The new investment will accelerate our next phase of growth and enable us to further strengthen our presence in the market”
Post selling their ice cream division to Lotte, Ankit Chona, ex-promoter of Havmor Ice Cream group, has been incubating start-ups as well as investing in early stage consumer brands who have a potential to build a viable business. He says “What sets Lo! Foods apart is their deep rooted connection with the Indian customer. Their vision in creating a range of healthy and tasty products that's familiar to and loved by generations of Indians has been well received in the market. With its strong understanding of the science of nutrition and Indian consumer behavior, the brand is positioned for incredible future growth and has immense potential to become a category leader. We are excited to be a part of their growth story”
Abhishek Sanghvi, Co-Founder, Ecosystem Ventures, who’s been supporting Lo! Foods since its inception, says, “Over the last decade, due to changes in diet and sedentary lifestyles, there has been an increase in the incidence of lifestyle diseases such as diabetes, obesity and cardiac risks. The only way to seamlessly switch to a healthier diet is by creating a range of everyday food products that Indians are used to eating, but Low-Carb, healthier and just as tasty. Lo! Foods has identified this gap in the market and has thoughtfully created a range of products that offer great health benefits without compromising on taste. We are happy to be supporting the team in their mission to reduce the incidence of lifestyle diseases in India”
Lo! Foods has earlier raised $500,000 from a clutch of well-known angel investors, including Anuj Golecha, co-founder of Venture Catalyst, Rashmi Daga, founder of Freshmenu, Raveen Sastry, co-founder of Myntra, and Mitesh Shah, CFO of BookMyShow. PC Musthafa, co-founder and CEO of ID Fresh Food India, Aditya Somani (serial investor) among others are a part of the advisory team.
Lo! Foods products are available on its website and on ecommerce sites like Amazon, Flipkart and Bigbasket. In addition to their Low-Carb products and cloud kitchens, Lo! Foods has also tied up with five-star chains like Hyatt and Sheraton to offer Low carb and keto friendly menu to customers. The company has recently expanded into international markets such as the US, Singapore and Middle East.
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