DUBAI, 25 February 2022: Wholsum Foods, a millet-based food startup that makes Slurrp Farm, has raised USD 7m in a fresh round of fundraising led by Investment Corporation of Dubai and existing investor Fireside Ventures. Fundraising follows Fireside Ventures' initial investment of USD 2m in the company one year ago.
The startup plans to use the fresh capital for developing millet-based products with zero junk ingredients. According to the statement, the funds will also go towards product innovation, marketing, as well as expanding the global footprint.
In the period from June 2020 through December 2021, Wholsum Foods claims that it grew tenfold.
Meghana Narayan and Shauravi Malik, co-founders and co-CEOs of Wholsum Foods, said "We are growing steadily and currently clocking in over INR 50 crore of revenue run rate, with an aim to reach INR 500 crore in revenue by 2025. The funds raised will enable us to build a global Indian FMCG brand.”
In 2021, the company released 20 new SKUs, including several products in categories they had not previously explored, such as baked Little Millet Noodles and Foxtail Millet Noodles. The brand also expanded to the UAE and is looking to grow its offline and online presence in the region by 40 per cent in the next 12 months.
Image credit: everydayhealth.com
