Yu, an omni-channel consumer foods brand that provides instant meals, has raised Rs 20 crore or $2.4 million in its Series A round led by Ashish Kacholia. Existing backers Manish Choksi and Varun Vakil (part of Asian Paints Promoter Group) have also participated in the round.
Previously, the packaged food brand raised $1 million as part of its pre-Series A round from the existing backers in October last year.
Yu is all set to double its capacity in addition to ramping up its existing offline / online distribution in India, while continuing to expand its global footprint across markets like Africa, Middle East and the US, the company said in a press release.
Founded by Bharat Bhalla and Varun Kapur, Yu has developed a wide range of ready to eat food products across noodles, pastas, and oats categories. The company recently ventured into the non-veg segment and the brand is looking to launch 10 more products over the next 12 months to complement its existing product portfolio.
The Gurugram-based brand claims to have successfully penetrated multiple distribution channels which include over 3,000 offline stores, over 100 institutional campuses, and e-commerce and quick commerce like Blinkit, Amazon, Flipkart, Zepto, Swiggy Instamart, JioMart in addition to airlines like SpiceJet and Akasa.
As per the company, it is seeing significant customer traction with over 200% growth Q-o-Q and is on track to sell one million bowls by Q3-FY23 or October-December 2023.