Update: Wipro Enterprises set to back D2C food brand Anveshan

Update: Anveshan has secured Rs 48 crore in Series A funding led by Wipro Consumer Care Ventures, along with DSG Consumer Partners, Titan Capital Winners Fund, Force Ventures, and angels including Aman Gupta and Sameer Mehta of BoAt Lifestyle.

The round includes primary and secondary capital, enabling partial exits for some early investors and ESOP buybacks for employees.

According to the company, it has crossed a Rs 100 crore net revenue run rate in FY25, growing at 80% YoY, and plans to deploy the new funds to expand its partner manufacturing network, strengthen supply chain capabilities, enhance its tech-enabled traceability platform, and accelerate branding and marketing efforts.

Original story follows:

D2C healthy food brand Anveshan is raising Rs 29.86 crore (approximately $3.5 million) in its Series A round, led by Wipro Enterprises, with participation from existing investors DSG Consumer Partners, Titan Capital, boAt co-founders Aman Gupta and Sameer Mehta, and AngelList.

According to its regulatory filings accessed from the Registrar of Companies (RoC), Anveshan's board has passed a special resolution to issue 1,178 Series A CCPS and 10 equity shares at an issue price of Rs 2,51,367 each to raise the aforementioned amount.

The filings further state that the company plans to utilize the fresh capital to strengthen its long-term financial resources.

According to Entrackr’s estimates, the D2C brand’s valuation is set to surge 2.7X to R 430 crore (approximately $51 million), compared to $19 million in its previous funding round.

Founded in 2020 by Aayushi Khandelwal, Akhil Kansal and Kuldeep Parewa, Anveshan provides minimally processed food products prepared in rural areas. It creates food micro-entrepreneurs in villages across India who make these food products using traditional practices. It ensures the quality of the food product for the customers, along with social and economic upliftment of the Indian farmers.

The company’s current product portfolio includes A2 cow ghee, wood-pressed edible oils, raw honey, healthy sweets, beverage mixes, and a variety of other natural food products.

Anveshan has raised approximately $4.5 million to date, including $2 million secured in its pre-Series A round in September 2022, led by DSG Consumer Partners. According to TheKredible, DSG Consumer Partners will be the largest external shareholder in the company with a 16.59% stake, while new investor Wipro Enterprises will hold a 3.49% stake. 

In the fiscal year ended March 2024, Anveshan reported an 85% year-on-year increase in operating revenue to Rs 58 crore, up from Rs 31.3 crore in FY23, while narrowing its losses by 24% to Rs 5.7 crore.

Anveshan competes with the new age organic health food brands like Vedic, Auric, Kapiva, Two Brothers Organic Farms, Rosier Foods and others.

Update at 2 PM, Wednesday: The story and headline have been updated to include more information from Hexahealth's official announcement.