Children-focused snacking and meal brand Slurrp Farm, has raised Rs 59.9 crore ( $7.2 million approximately) in a fresh round of investment from new and existing investors. The fundraise has come after a gap of nearly two years for the Gurugram-based startup.
The board at Wholsum Food Private Limited, the parent company of Slurrp Farm, has passed a special resolution to issue 3,13,691 Series C preference shares at an issue price of Rs 1,909 each to raise Rs 59.9 crore, the document sourced from the Registrar of Companies shows.
Existing investors Fireside Venture and Raed Capital pumped in Rs 12.4 crore and Rs 5.48 crore, respectively, while the new investors Alkemi Ventures and Madhurima International contributed Rs 17.5 crore each. Sharrp Ventures (investment office of the Harsh Mariwala family) also participated with Rs 7 crore.
The company will use the new investment amount to augment the long-term financial resources of the company, the filing further added.
Following this round, Fireside Ventures will hold 20.72% of the company while Madhurima International, Sharrp Ventures, and Alkemi Ventures will command 3.43%, 1.37%, and 3.43% respectively of the company.
According to startup data intelligence platform TheKredible’s estimates, the company is valued at around Rs 510 crore or $62 million post-allotment. In February 2022, Slurrp Farm raised $7 million in a Series B round led by Investment Corporation of Dubai. Following the round, Bollywood actress Anushka Sharma joined the firm as investor and brand ambassador of its flagship brand Slurrp Farm.
Founded in 2016, the company makes millet-based snacks and meals for young children. Its portfolio has over 25 products including porridges and cereals, puffed snacks for children, millet pancakes, millet dosa, cake mixes, and others.
Slurrp Farm’s parent reported over 2X growth in its revenue to Rs 40 crore in FY23 as compared to Rs 19.15 Cr in FY22. Losses of the company also increased by 1.7X to Rs 32.20 crore during the same period.
The company has set a goal to reach Rs 500 crore in revenue over the next couple of years and aims to have a presence in 40,000 stores, a 20-fold increase from the current 2,000 stores.