Troo Good, a millet-based snack brand, has raised $9 million in its latest funding round led by Puro Wellness. The round also saw participation from existing investors, Oaks Asset Management and V Ocean Investments. This new injection of capital brings the total funds raised by the company to approximately Rs 132 crore ($15.7 million).
Previously, Troo Good raised Rs 55 crore in its Series A round, which was led by Oaks Asset Management in November 2021. The newly acquired funds will be utilized to expand the company’s infrastructure, enhance its distribution network, and fuel product innovation efforts.
Founded in 2018 by Raju Bhupati, Troo Good is headquartered in Hyderabad and offers a range of millet-based snacks such as chikkis, protein bars, and nutri bars. The company claims to sell over 2 million millet-based snacks, including its popular millet chikkis, daily.
Although the company has yet to release its financials for FY24, it reported a modest 7% revenue growth for the fiscal year ending March 2023, reaching Rs 52.7 crore. Troo Good’s strong focus on cost management helped the company achieve profitability during this period.
In the millet snack segment, Troo Good competes with other players such as Slurrp Farm, which raised $7.2 million in January 2023. With the new capital infusion, Troo Good aims to solidify its position in the growing healthy snack market, leveraging the rising popularity of millet as a nutritious and sustainable alternative.
