Startup Happilo, a D2C healthy snacking brand, has secured $25 Mn in funding from Motilal Oswal Private Equity (MOPE). Over the last year its business has grown 4X , and the startup is targeting an ambitious revenue target of INR 2,000 Cr over the next four years
The health snacking brand plans to deploy the funding to expand business, product lines, acquire more food brands and further streamline the distribution network.
Founded in 2016 by Vikas Nahar, Happilo is an omnichannel healthy snacking brand that offers a slew of products including dry fruits, trail mixes, nut protein bars and muesli.
Happilo has set an ambitious growth target across its operations
Speaking on the announcement, Happilo CEO Vikas Nahar said, “Partnering with MOPE will help accelerate our growth plans and significantly scale the business from current levels. Their prior experience of investing and working with category leaders within the food and beverages segment will add significant value. The investment would be used for significant product expansion across healthy snacking categories, acquisition of synergistic food brands, brand building, capacity expansion and deepening the distribution infrastructure.”
The announcement comes barely a year after Happilo raised $13 Mn in its maiden funding from A91 Partners in February of 2021.
According to Statista, the Indian snack food segment would grow to $56.30 Bn in revenue by this year itself, growing at a CAGR of 9.21%. Add to that, another report by ET pegs the organised Indian packaged snacks market to be around INR 45,000 Cr.
This tremendous growth has been enabled by hyperlocal delivery hit by the pandemic. While it severed supply chains for many renowned brands, many such local players and startups stepped up to fill the gap.