Wednesday, July 24, 2024

Scandalous Foods Aims for Growth with $12 Million Funding Goal

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Scandalous Foods, an innovator in the Indian sweets industry serving the restaurant and catering sectors, has announced its goal of raising USD 12 million in the coming months. This follows a successful pre-seed funding round in February 2024, where the company secured Rs 3 crore from various angel investors.

The pre-seed round was supported by seasoned investors, including KRS JamwalMrunal Jhaveri, Arjun Vaidya of V3 VenturesAjay Mariwala, MD of VKL and FSIPL, and Celebrity Chef Harpal Singh. These funds have already catalyzed growth, enabling the company to expand its production capabilities and establish a larger facility.

Expressing his enthusiasm, Sanket S., Co-FounderScandalous Foods, said, “Our recent pre-seed funding has laid a strong foundation for our growth. The additional Rs 3 crore has allowed us to enhance our production and cater to a broader clientele. As we prepare to raise USD 12 million, we are more committed than ever to revolutionizing the Indian sweets landscape. Our vision is to blend tradition with innovation, creating sweets that resonate with both contemporary and traditional palates.”

Scandalous Foods has demonstrated robust growth, with a 22% year-over-year increase in FY24. Notably, the company saw a significant 75% growth in the last quarter (January–March 2024) compared to the previous quarter (October–December 2023). This performance underscores the brand’s potential and readiness for substantial expansion.

The strategic investment in a larger production unit underscores Scandalous Foods’ dedication to quality and scalability. The company aims to leverage this enhanced capacity to strengthen its presence in key markets, including Mumbai and Nasik, and build a robust HoReCa (Hotel/Restaurant/Café) base.

As Scandalous Foods embarks on its next phase, it remains focused on delivering exceptional Indian sweets that cater to evolving consumer tastes. The upcoming funding round will enable the company to introduce innovative products, launch its Mithai parlors, expand its offerings, and become a category leader in the industry.

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