India’s leading impact investor Aavishkaar, part of the Aavishkaar-Intellecap Group, is set to invest Rs 35 crore into packaged foods startup Kottaram Agro Foods that markets products under the brand ‘Soulfull’.
The investment will be made through its $200 mn Aavishkaar Bharat Fund with the fund has completed its first close at $95 mn late last year.
The round marks Soulfull’s first institutional fundraising exercise. The Bangalore-based firm brings traditional grains such as millets back to the consumer in modern avatars processing grains like Ragi into healthy breakfast and snack options such as flakes, Ragi bites, muesli and ready-to-cook oat-millet meals.
“There are immense opportunities in the packaged foods industry in India which is growing rapidly at 20-25%. The partnership with Aavishkaar will help Soulful strengthen its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next 3 years,” said Prashant Parameswaran, MD & CEO of Kottaram Agro Foods.
This fundraiser will also mark the brand’s foray into the beverages category as it gets set to launch ‘Smoothix’, its high protein, health drink made out of 12 natural grains.
The Aavishkaar Bharat Fund is targeting early-to-mid stage investment opportunities in sectors such as healthcare, agriculture, clean technology, education and financial inclusion.