The funds raised will be used to build the brand, expand product distribution, and to increase product offering across different categories like vegetables, nuts, and fruits.
Bharat Kulkarni, Co-Founder and CEO, Rev Snacks, said, “We are looking to scale up this model by being present across as many points of sales as we can target through modern trade and online channels.”
Rev Snacks was incorporated by IBS Hyderabad alumnus Bharat Kulkarni and Rohit Kulkarni in 2018. It produces ready-to-eat fruit snacks using the freeze-drying technology to retain and enhance the flavour of the fruits in the snacks.
The fruit snacks are made of 100% natural fruits, with no added sugar and preservatives, providing a gluten-free product, according to the company website. Its products are available online through Amazon, Flipkart and BigBasket, among others, while it is also available offline at different stores.
Other players in the snacks segment competing with Frubites include Mumbai-based The Mumum Co, energy bars brand EAT Anytime, among others.
In July 2018, The Mumum Co secured ₹3.4 crores from a clutch of angel investors, in order to expand its product range.
Founded in 2006, Mumbai Angels Network is a platform to connect angel investors with entrepreneurs to invest in new ventures. It boasts of over 300 members across six cities in India including Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, and Pune.
The network has more than 120 startups in its portfolio. Some of its most prominent investments include mobile advertising platform InMobi, an online marketplace for farmers eFarm, online fashion e-commerce Myntra, and baby care brand BabyChakra, among many others.