The funding round was led by Inflection Point Ventures, with participation from JITO Incubation and Innovation Foundation and LetsVenture
The company plans to use the capital to expand in Tier I & II cities, drive product innovation, expand offline presence to increase brand awareness, among others
Prior to this funding round, the startup raised INR 4 Cr in its pre-Series A round
Update | April 14, 5:40 PM
D2C ice cream brand NOTO
has marked the final close of its Pre-Series A funding round at INR 21 Cr (around $2.4 Mn) after raising an additional INR 6 Cr as a part of the fundraise.
The round was led by Equentis Angel Fund, along with participation from a host of investors, including Inflection Point Ventures (IPV), JITO and Signal Ventures, among others.
The startup plans to use the fresh capital to enhance its product line and bolster its omnichannel distribution strategy by launching its own ice cream parlours.
“The current closure of our INR 21 Cr Pre- Series A round marks a significant milestone in our journey to redefine the healthy indulgence category in India,” said NOTO cofounder and chief executive officer Varun Sheth.
Original | February 14, 5:22 PM
Actor John Abraham-backed D2C ice cream brand NOTO has secured INR 15 Cr (about $1.7 Mn) in a funding round led by Inflection Point Ventures.
The round also saw participation from JITO Incubation and Innovation Foundation and LetsVenture.
In a statement, the startup said it would use the capital to expand in Tier I & II cities, drive product innovation, expand offline presence to increase brand awareness, among others.
Founded by husband-wife duo Varun and Ashni Sheth in 2019, NOTO sells low calorie ice creams. The startup claims that its ice creams have high protein and no/low sugar.
It sells its products via its own website, retail stores, and quick commerce platforms like Blinkit, Zepto, Swiggy Instamart. The startup claims to have presence in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Pune. It plans to expand its presence in cities like Ahmedabad, Kolkata, and Lucknow.
Commenting on the funding, NOTO cofounder and CEO Varun said, “This funding allows us to bring guilt-free desserts to more people across India, fueling innovation and expanding our market presence.”
Prior to this funding round, the startup raised INR 4 Cr in its pre-Series A round. The startup counts Titan Capital, Rockstud Capital, WEH Ventures, Lead Angels, among its investors.
It competes with brands such as Go Zero, NIC, Get-A-Way and Minus 30.
With rising disposable incomes, the spending on food and beverages is on the rise in the country. Besides, the rise in healthy and conscious eating provides a big opportunity for brands like NOTO.
The country’s food and beverage market is expected to grow to $68 Bn by 2030, clocking a CAGR of 25% by 2030.
As a result, investors are bullish on startups operating in the segment. While Go Zero bagged $1.5 Mn funding last year, Hocco saw its valuation touch the INR 600 Cr mark within a few months of its inception.
[ad_2]
Leave a Reply