Friday, June 14, 2024

Skippi Raises Rs 10 Crore in Pre-Series A Round

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Ice pop brand Skippi has successfully raised Rs 10 crore in a Pre-Series A funding round led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs). The round saw significant participation from Soonicorn Ventures, HEM Securities, and several angel investors. Additionally, Skippi is in discussions to secure an additional Rs 7 crore in the coming weeks.

The newly raised capital will be primarily allocated to brand building and marketing initiatives. It will also focus on enhancing working capital, driving new product development, and hiring key leadership personnel for the next phase of growth.

L to R: Ravi Kabra & Anuja Kabra

Talking about the new investment, Ravi Kabra, CEO and Co-FounderSkippi, said, “This funding is a big step for Skippi as we work to become a top FMCG brand in India. We are very thankful for the support from our investors, including our valued sharks. With this money, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team.”

Skippi garnered investments from all six sharks—Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal—during Shark Tank India Season 1. The jury collectively invested Rs 1.2 crore for an 18% equity stake. Since then, Skippi’s growth has been remarkable, with monthly revenues increasing 80 times from their initial figures of Rs 5-7 lakhs.

Commenting on the investment, Dr. Apoorva Ranjan SharmaCo-founder, and Managing Director. Venture Catalysts, said, “Venture Catalysts invested in Skippi Ice Pops, capitalizing on the rapid growth of India’s frozen dessert sector, which is expected to reach USD 2.4 billion by 2027. Their strong brand presence and rapid growth make them an attractive investment opportunity. This strategic move aims to boost Skippi’s market presence and innovate within a booming industry driven by rising disposable incomes and changing consumer preferences.”

As Skippi continues to grow, it remains committed to its mission of bringing cheer with its diverse product range. The company aims to expand its presence further and positively impact the FMCG sector in India

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