TABP Snacks and Beverages, a beverage and snacks startup from Coimbatore, has raised Rs 20 crore in its pre-Series A Fundraise. The funding was led by venture fund LC NuevaAIF alongwith Arun Mukherjee and angel investors. Some of the notable angels who have invested in this round include Koushik Chatterjee, CFO of Tata Steel, and Aniruddha Sarkar, chief investment officer of Quest Investment Advisors, among others.
The company is one of the fastest-growing startups in the food and beverage space in India. It is on target to clock Rs 100 crore GMV in FY23, within four years of starting operations. The company predominantly sells beverages priced at Rs 10 and snacks at Rs 5 targeting the bottom of the pyramid consumers in India. It has operations in the states of Tamil Nadu, Kerala, Andhra Pradesh, Karnataka, Maharashtra and Odisha.
The funds raised will be used for new territory expansion, R&D and creating more production capacity.
Commenting on the fundraise, Prabhu Gandhikumar, founder of TABP, said, “It’s been some really exciting years of growth for TABP. After coming back from Covid-related slowdown, we have shown tremendous growth. In Q3 of 2022-23, we grew 172% compared to Q3 of the previous year. We feel we have not even scratched the surface and just getting started. This year we are planning to expand into the east and west geographies of India.”
Ashish Chand, founding partner, LC Nueva AIF, mentioned, “TABP is poised to become a leader in India’s beverage and snack space with its strong growth in Tier 2 and 3 markets”
Arun Mukherjee stated, “Very proud of what Prabhu and his team have accomplished over such a short period. The way TABP handled Corona for consecutive years and still grew handsomely showcases the robust foundation of the company. With tailwinds on TABP side now, the company is set to pen a rich scripture of its own.”
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