- Troo Good raised Rs 72 crore from Oaks Asset Management, Puro Wellness, and V Ocean Investments to support working capital needs.
- The company's valuation post-allotment is estimated at Rs 322 crore ($38 million), according to TheKredible.
Hyderabad-based millet snack brand, Troo Good, has raised Rs 72 crore (approx. $8.6 million) in a fresh funding round led by Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments.
The new investment will help Troo Good meet its working capital requirements and bolster its operations, as outlined in the company's regulatory filing accessed by Entrackr from the Registrar of Companies.
The board has approved the issuance of 10,176 equity shares to raise the funds. Notably, Oaks Asset Management, a returning investor, contributed Rs 37 crore, while Puro Wellness and V Ocean Investments invested Rs 25 crore and Rs 10 crore, respectively.
With this recent funding, Troo Good’s total funding raised to date reaches approximately Rs 132 crore, following a Rs 55 crore Series A round led by Oaks Asset Management in November 2021. Post-allotment, the company is expected to be valued at Rs 322 crore ($38 million), as estimated by startup data intelligence platform TheKredible.
Following the allotment, Oaks Asset Management will hold a significant 28.89% stake in Troo Good, while Puro Wellness and V Ocean Investments will command stakes of 7.75% and 14.28%, respectively.
Founded in 2018 by Raju Bhupati, Troo Good specializes in millet-based snacks, including chikkis, protein bars, and nutri bars. The company reportedly sells over 2 million millet snacks daily and achieved profitability in the fiscal year ending March 2023, with a 7% increase in revenue, amounting to Rs 52.7 crore.
Troo Good competes with brands like Slurrp Farm, which raised $7.2 million earlier this year. As Troo Good scales, this new funding will support its mission to promote millet-based snacking options in India.
Edited by Harshajit Sarmah
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