Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Start-ups/  Packaged foods start-up Soulfull raises Rs35 crore from Aavishkaar Bharat Fund
BackBack

Packaged foods start-up Soulfull raises Rs35 crore from Aavishkaar Bharat Fund

Soulfull to launch Smoothix, a healthy drink made out of 12 natural grains, marking its entry into the beverages category

In November 2017, Aavishkaar Bharat Fund, which is a $200 million fund, made its first close of $95 million.Premium
In November 2017, Aavishkaar Bharat Fund, which is a $200 million fund, made its first close of $95 million.

Mumbai: Kottaram Agro Foods, a Bengaluru-based packaged foods start-up that markets its products under the brand ‘Soulfull’, has raised Rs35 crore (approximately $5.3 million) from Aavishkaar Bharat Fund, an impact investment fund of the Aavishkaar-Intellecap Group.

Founded in 2011, Kottaram Agro Foods works with state governments and research institutions which cater to the increasing number of Indians who are shifting to more healthy lifestyles.

The company processes Ragi (finger millet) into various breakfast and snack options such as flakes, Ragi bites, muesli and ready-to-cook oat-millet meals. Soulfull is also launching Smoothix, a healthy drink made out of 12 natural grains, marking its entry into the beverages category.

“There are immense opportunities in the packaged foods industry in India which is growing rapidly at 20-25%. The partnership with Aavishkaar will help Soulfull strengthen its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next three years," said Prashant Parameswaran, managing director and chief executive of Kottaram Agro Foods.

In November 2017, Aavishkaar Bharat Fund, which is a $200 million fund, made its first close of $95 million. The fund typically invests in mid to early stage companies in sectors like healthcare, education, agriculture, clean technology and financial inclusion. The impact investment firm is also planning to launch its seventh fund of $150 million to invest in Africa.

“The tangential outcome of Soulfull products is increase in demand of ancient grains that will address problems of marginal Indian farmers and reduce environmental stresses on land since these grains can grow in arid areas, are pest resistant and need minimal fertilizers," said Vineet Rai, managing director of Aavishkaar.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 22 Mar 2018, 10:13 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie