Fri. Mar 29th, 2024
Timla Foods secure ₹13.7 crores in debt financingTimla Foods secure ₹13.7 crores in debt financing

Hyderabad-based Timla Foods has raised ₹13.7 crores ($2 million) in debt financing from Anicut Capital, an investment firm with a focus on small and medium enterprises (SMEs). It has raised around ₹20.6 crores ($3 million) overall including debt and equity financing.

Kae Capital-backed Timla Foods provides ready-to-eat popcorns under its brand ‘Popicorn’. It was founded by Prashanth Gowriraju, along with Arun Sahlam, N V Prasad and Naveen Alzapur in early 2016.

Timla Foods claims to make its product 100% natural with whole grain and completely GMO-free. The company has its presence across Andhra Pradesh, Telangana, Delhi, and Bengaluru with over 35,000 retail touch points, selling over 150,000 packets every month.

“We have started our expansion on the B2B side. Over the next two years, general trade and modern trade will form about 65% of our revenues, while B2B will form 35%. Cinema halls and Indian Railways are some of the key areas of focus,” said Prashanth Gowriraju, CEO of Timla Foods.

Currently, Timla Foods clocks a revenue of about ₹5 crores every month, and it aims to raise its revenue to around ₹80-100 crores for the financial year 2018-19. The company already has a production facility in Andhra Pradesh that produces popcorns worth ₹8 crores every month. It is planning to set up another production unit in the northern part of the country, as it looks to expand to other states.

In recent news, The Mumum Co, children’s snack food company had raised ₹3.4 crores in angel funding from a clutch of high net-worth individuals.

Chennai-based Anicut Capital, an investment firm, was founded by Ashvin Chadha and I A S Balamurugan. It has a team of experienced professionals with careers in Commercial, Private and Investment Banking at senior levels. The team of investors has successfully lent over 450 crores to Indian SME companies over the years.

Some of the popular investments by Anicut Capital in the country include Bira 91, Indian beer brand, along with Lendingkart, a digital lending platform for SMEs.

By Varun

Startups | Books | Ideas

Leave a Reply

Your email address will not be published. Required fields are marked *