Bengaluru-based Lo! Foods on Friday said it has raised USD 1 million (about Rs 7.4 crore) in funding, led by the Chona Family Office, the erstwhile promoters of Havmor Ice Cream.
The pre-series A round also saw participation from Ecosystem Ventures, Raveen Sastry (Co-Founder, Multiply Ventures), KRS Jamwal, Pratyush Prasanna (Gojek) among others, a statement said.
The funds will be used towards accelerating growth, strengthening existing distribution networks and ramping up marketing, it added.
Started in 2019 by Sudarshan Gangrade, Lo! Foods offers low-carb and Keto-friendly packaged products. It also has also ramped up to 20 cloud kitchens across Bengaluru, Delhi, Gurugram and Hyderabad that offer fresh low-carb food on demand through food delivery apps.
* * * * AnKa SumMor raises Rs 3 cr funding led by Inflection Point Ventures *
AnKa SumMor, a Sales and Distribution (S&D) platform for the FMCG sector, on Friday said it has raised Rs 3 crore in funding, led by Inflection Point Ventures.
The funding from the pre-series A round will be utilised towards scaling business in Hyderabad and Chennai with improved infrastructure, coverage, and branding, a statement said.
The funds will also be used for expanding operations to Bengaluru, along with technology development and deployment, it added.
AnKa SumMor has covered over 2,600 stores, working with 10 brands so far McVities, Yoga Bar, Wai Wai, Paper Boat, Yellow Diamond, Bombay Shaving Company, Spice Story, Budweiser, Om Bhakti and Again Drinks.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.