Inflection Point Ventures has invested an undisclosed amount of funding in snacking startup Samosa Party, which the company says it will utilise to scale, and open cloud kitchens across Bengaluru and other Tier-I cities.
Samosa Party said it will also use funds to improve its production technology.
“In a post-COVID world of increasing focus on hygiene standards, startups like Samosa Party will be relevant as customers would trust hygienic and professional managed brands to serve them food with safety being the guiding force from kitchen to table,” Ankur Mittal, Co-founder, Inflection Point Ventures, said.
Amit Nanwani, Co-founder of Samosa Party
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Samosa Party marks IPV’s eighth investment in the last 90 days, since the coronavirus outbreak started in the country.
IPV has invested in sectors like healthtech, edtech, delivery, online grocery and social distancing tech, and has helped them scale up and eventually create a large-scale impact for helping people in managing the coronavirus situation.
Earlier this month, the firm invested in grocery delivery startup Milkbasket, citizen safety-tech platform DROR, and early-stage edtech startup Edvizo.
“Samosa Party continued to see business growth even during the lockdown, and we want to back such companies. IPV investors are totally behind the startup’s vision of elevating the humble Indian Samosa and taking it to the world..,” Ankur added.
Founded by Amit Nanwani in 2017, Samosa Party’s USP is freshly fried samosa in 14 different varieties. The brand claims to have become the go-to snack solution in Bengaluru for personal consumption, and groups and gatherings alike, with more than 80 percent repeat customers.
The startup said that it has scaled to serving 1.5 lakh samosas per month.
Amit Nanwani, Co-founder of Samosa Party said,
"We have been running a profitable business and this funding round further strengthens my belief that good business models that can stand tall during downturns will have no shortage of funds with credible investors like IPV backing us.”
According to the startup, the Indian snack market is pegged at Rs 42 lakh crore and 65 percent of this is completely unorganised. With Indians consuming 2.7 times snacks compared to 2.3 times meals, Samosa Party wants to become a big player in this space.
(Edited by Aparajita Saxena)
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Link : https://yourstory.com/2020/06/funding-alert-food-startup-samosa-party-inflection-point-ventures
Author :- Sujata Sangwan ( )
June 29, 2020 at 12:53PM
YourStory