Kottaram Agro Foods Raises Rs. 35 Crore from Aavishkaar Fund
Kochi: Kottaram Agro Foods, a Bengaluru-based packaged foods startup that markets its products under the brand ‘Soulfull’, has raised Rs. 35 crore from Aavishkaar-Intellecap Group. The Impact Fund Advisory Firm will make the investment through its Aavishkaar Bharat Fund. Kottaram Agro Foods plans to expand its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next three years.
Soulfull brings traditional grains such as millets back to the consumer in modern avatars. The company processes ragi (finger millet) into breakfast and snack options such as flakes, ragi bites, muesli and ready-to-cook oat-millet meals.
Kottaram Agro Foods was founded in 2011 with the aim of bringing back the goodness of India’s ancient grains in innovative product forms. The company is a DIPP (Department of Industrial Policy & Promotion)-recognised startup that works with State governments and leading research institutions to promote smart foods which are good for the consumers, the planet and the farmers.
On the company's first institutional investment, Prashant Parameswaran, MD and CEO of Kottaram Agro Foods said in a statement, “There are immense opportunities in the packaged foods industry in India, which is growing rapidly at 20-25 per cent. The partnership with Aavishkaar will help Soulfull strengthen its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next three years.”
“The tangential outcome of Soulfull products is an increase in demand of ancient grains that will address problems of marginal Indian farmers and reduce environmental stresses on land since these grains can grow in arid areas, are pest-resistant and need minimal fertilizers,” said Vineet Rai, MD of Aavishkaar.
Kottaram is the second investment of Aavishkaar Bharat Fund, which is targeting early-to-mid stage investment opportunities in sectors such as health care, agriculture, clean technology, education and financial inclusion.