22 August 2019, India:
Packaged food brand Lo! Foods has raised $500,000 in seed funding from a clutch of well known angels from financial and FMCG vertical.
Some of the angels who participated in this round include: Anuj Golecha (Co-founder, Venture Cataylst), Rashmi Daga (Founder, Freshmenu), Raveen Sastry (Co-founder, Myntra), Mitesh Shah (CFO, BookMyShow), Sunil Chhabra (Advisor & Founding Team Member, Jumbotail), Gaurav Arora (Chief Investment Officer, ASK Wealth).
Lo! Foods has also brought on board advisors to mentor the Founder for the next phase of growth of the brand. Advisors include stalwarts of the FMCG industry – PC Musthafa, Co-founder CEO, ID Fresh Food India and Anuradha Narasimhan, Ex CMO, Britannia.
Sudarshan Gangrade, Founder, Lo! Foods said, “Lo! Foods was started with a single purpose – to build a truly healthy product that works. A brand that creates a healthy and low carb keto friendly food that is inherently Indian. Our products have seen great traction and validation with our consumers, with extremely high monthly repeats.”
Sudarshan Gangrade, added, “Fine dining spaces like 5-Star hotels have also validated our product quality and taste by creating exclusive menus. Top FMCG and Financial executives coming on board to invest and mentor the company is another strong validation of the prospects we have as an organization. We believe we are now ready to further scale up our operations to the next level.”
Anuj Golecha, Co-founder, Venture Cataylst, said, “As an investor, I meet multiple startups trying to solve a real problem. Sudarshan from Lo! Foods stood out for his attempt to solve a very real and pressing health issue in India – that of obesity, diabetes and cardiac risks. With his strong understanding of Science, Consumer and the business, he has built an initial product that has the ability to scale and create a whole new category in the Indian Food space.”
PC Musthafa, Founder, ID Foods said, “I built my company on products that are very Indian in nature, tasty and healthy. Lo! Foods, by trying to build an Indian and Tasty range of healthy products is attempting to do something similar in the Low Carb space. More importantly, the passion to impact health at scale got me convinced to come on board as an advisor for Lo! Foods. I hope I can help them with my experience in building an Indian food brand from ground up!”
Recently, Lo! Foods announced a partnership with Hyatt Place, Hyderabad, who have rolled out an all day Low Carb and Keto friendly menu which includes breads, paranthas, pastas, brownies – all created by using Lo! Atta.
(Image – Pexels, Lo! Foods)