Hotline: 1800 102 2007
X
Loading
Search Business Opportunities
Apr, 19 2017

Snackible eyes to raise $2-5 million in Series-A funding within FY17-18

The fresh round of funding will be used for expanding operations in India and abroad as well as marketing and hiring across verticals, said Aditya Sanghavi, founder of Snackible.

Mumbai-based LightSaber Food Ventures Pvt. Ltd, which sells health snacks through online and offline channels under the Snackible brand, has raised $175,000 (around Rs 1.12 crore) in an angel round of funding led by a clutch of individual investors and high-net-worth individuals (HNIs), a top executive revealed.

The investors, who participated in the round, include Nibhrant Shah (founder of Isprava and Themis), Anandbir Singh (founder of Anandini Financial Services), Anirudh Sheth (founder of Wealth Whispers), Pratik Singhi (CEO of Lakshya Consulting), Jitendra Mahnot (CEO of Startech Engineers India) as well as Mastercard executives Vikram Mehta and Murali Nair.

The fresh round of funding will be used for expanding operations in India and abroad as well as marketing and hiring across verticals, said Aditya Sanghavi, founder of Snackible.

Sanghavi said, "We found that there was a dearth of snacking options which provided an optimum mix of health, taste and affordability. 

Currently, we have about 650 points of sales, which we hope to expand to 2,000 by the end of this year. We will also add around 10 SKUs (stock keeping units) within the next year."

Work is also already underway to introduce a diabetic-friendly snack line, he said. Snackible has a team of food technologists who come up with recipes for health snacks.

The company then outsources manufacturing to eight contract manufacturers. The firm takes care of delivery through a centralised warehouse in Mumbai where it employs about 25 people, Sanghavi said.

According to Sanghavi, online channels contribute about 20% of the total sales while retail stores (40%), institutional partners (30%) and marketplaces (10%) account for the rest. The company plans to expand to Kolkata, Jaipur and Chennai in addition to other markets in the country.

Besides, it is looking at expanding to overseas markets such as the Middle East and the UK.

Snackible aims to achieve an operational break-even within six months. It is also eyeing to raise around $2-5 million in Series-A funding within the end of this financial year, Sanghavi said.

Comment
Related opportunities
  • Mahindra First Choice Wheels Ltd (MFCWL) is a part of..
    Locations looking for expansion Maharashtra
    Establishment year 1999
    Franchising Launch Date 2003
    Investment size Rs. 30lac - 50lac
    Space required 1500 sq.ft. of built-up area for office
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Furniture/Home Decor & Furnishing
    About:Little Nap is a highly - respected and reputed recliner..
    Locations looking for expansion New Delhi
    Establishment year 2011
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Partner with Siyaram Silk Mills Ltd - one of the..
    Locations looking for expansion Maharashtra
    Establishment year 1978
    Franchising Launch Date 2006
    Investment size Rs. 20lac - 30lac
    Space required minimum 500-600 sq ft to 1500 max
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai City Maharashtra
  • Laundry & Dry Cleaning
    About UsNATE COMMERCIAL LAUNDRY EQUIPMENT PVT LTD (NATE LAUNDRY) was..
    Locations looking for expansion Tamil Nadu
    Establishment year 2013
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 400 sq ft
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil Nadu
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities