- Nair Ventures
The Week that Was for India's Venture Capital Scene
Updated: Sep 3, 2019
It's hardly a secret that the #Indianeconomy is reeling from its most recent nosedive. Even though it is nowhere close to being wheeled into the ICU, YET, I am guessing it wouldn't be that bad an idea to book a hospital wing already! With the economy barely responding to the FM's half-hearted attempt at a CPR, you would expect all the #investors to have fled the country, or at least, packing their bags to get the next flight out. After all, who would want to shell out cash in an economy where the rupee is becoming less valuable every day, right? Wrong!
It seems that the #venturecapital scene in the country has managed to find solace in some good ol' comfort food in these tough times. If top trends in the past week are anything to go by, investors today are increasingly counting on the ubiquitous Indian love of food, topped with a healthy dose of well, health and wellness.
Food tech is heating up, and how!
Earlier this month, the space welcomed its newest entrant Amazon, and now with the spate of food tech funding rounds yielding delicious results, it seems that a big-ticket entry with a side of startup funding, is just what the doctor ordered!
Lo! Foods, the low-carb food company, went home with a hefty cheque this week, having bagged a total of 3.5 crore rupees from several angel investors.
Sure, the rupee's value is falling steadily but that's still a lot of money! Plus, since the government has recently done away with the #angeltax provision, Lo! Foods can possibly enjoy its funding with fewer furrowed brows being sighted in future company meetings. FreshMenu founder Rashmi Daga was a major investor in this round. Clearly, even existing food tech players have not had their fill from the overflowing buffet of opportunities yet, and there is still enough room for dessert. Others digging into the spread included Myntra co-founder Ravin Sastry and BookmyShow finance honcho Mitesh Shah.
FreshtoHome, a firm that delivers fresh produce and raw food like fish and meat to Indian doorsteps, also cooked up quite a storm in its Series B funding round, just three months after its Series A round took place. If you thought Lo! Foods had taken home a lot of money, well then think again.