BackDips and spreads company The Gourmet Jar raises $150,000 in funding round
The funding comes at a time when The Gourmet Jar is bullish on developing its online channels and introducing new products
PremiumNEW DELHI: Apeksha Gourmet Jar Private Ltd that runs The Gourmet Jar, a Noida-based company that makes artisanal spreads, dips, preserves and sauces, has raised $150,000 in funding in a round led by DevX Venture Fund, the investment arm of DevX Co-working & Accelerator.
The round also saw participation of existing investors, the company said. The Gourmet Jar was founded in 2012 and has a 14,000-sq. ft. production facility in Noida with an all-women production team.
Umesh Uttamchandani, co-founder, DevX said, "Our investment approach largely revolves around having a strong founding team since that is what early-stage investing is all about. The pandemic has both reawakened and reinforced the focus on home-kitchens, as customers seek newer tastes and experiences."
Quality-conscious people are experimenting with newer tastes, recipes and condiments. The HoReCa segment as a whole too, is opening up to ethically sound brands which offer high quality products, he said. "Against this backdrop and taking into consideration the company's strong product, the time was ripe for partnering with them. It is an ethical brand with strong production foundations, catered to by a women-only team and a robust farm-to-jar approach," he added.
Apeksha Jain, the company's founder, said, the funding comes at a time when the brand is bullish on developing its online channels and introducing new products. "The funding will help to increase customer base, expand production and synergise logistics along with growing our technology stack. We aim at being the brand of choice in more and more homes and the HoReCa segment as well and the funding is a definitive step in that direction," she said.
DevX Venture Fund invests in early-stage start-ups. Its investments so far are largely in fintech, SaaS, Healthcare, PropTech, AgriTech and DeepTech.
The Global Sauces and Dips Market - forecasts from 2020 to 2025 report by ResearchAndMarkets.com said the global market is projected to soar at a CAGR of 6.97% from a market size of $138.195 billion in 2019 to a size of $207.049 billion by the end of 2025.
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