Gurugram-based healthy snacks manufacturer, Hungry Foal, has raised an undisclosed amount of funding in Pre-Series A round led by Singapore-based Madison Capital.
Singapore’s Das42 Ventures, Innerchef’s co-founder Rajesh Sawhney, Startupbuddy’s CEO Amit Singhal, and senior corporate executives also participated in this round.
The funding from the latest round will be used for product development, scaling the distribution, and building the brand.
Hungry Foal sells its products across Tier II and Tier III cities, and works with clients such as VITA – Haryana, CHRD Society for Applied Studies.
Japna Rishi, Co-founder, Hungry Foal, said,
“While we need to work on making Hungry Foal a household name in India, there is definitely a growing awareness about the importance of proteins, nutrients, etc., in the general population. However, healthy snacks are being priced in such a way that they remain totally out of reach for the masses – this is where Hungry Foal comes in.”
Founded by Japna Rishi Kaushik and Vivek Kaushik in 2016, Hungry Foal claims to make nutrition tasty, affordable, and accessible to all. The startup said its proprietary and scale up recipes coupled with latest foodtech, has helped it in achieving high quality and good taste at a reduced cost.
This is the third round of funding for the company. It had earlier raised debt funding from State Bank of India (under Standup India Scheme), and also raised funding from angel investors and GAIL (India) Limited.
The startup said it is targeting $7 billion snacks market in India with healthy, tasty, affordable, and nutritionally rich substitutes. According to Hungry Foal, its products are developed with a deep understanding of taste preferences and nutritional requirements. Some of its products include energy bars, muffins, nut mixes, etc. The company claims to offer similar nutrition profile at almost half of the price in its class and category.