Angel platform Inflection Point Ventures (IPV) has invested an undisclosed amount in snacking startup Samosa Party. This marks IPV’s 8th investment in the last 90 days, since the coronavirus outbreak started in the country.
IPV has been investing in startups in sectors like health tech, ed tech, delivery, online grocery and social distancing tech to help companies working in these areas scale up and eventually create a large-scale impact for helping people in managing the COVID situation.
Ankur Mittal, Co-Founder, Inflection Point Ventures, said, “IPV is thrilled to be joining hands with Samosa Party and back their growth journey. Samosa Party has grown tremendously over the past couple of years and has risen to amongst the top brands for Indian snack food in Bangalore. 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.”
Adding that the Company continued to see business growth even during the lockdown, he said, “We want to back such companies. We believe our vast investor base will provide an impetus to Samosa Party’s growth by helping forge partnerships. IPV investors are totally behind the startup’s vision of elevating the humble Indian Samosa and taking it to the world and look at Samosa Party as a company with the potential to build global businesses like Dunkin Donuts and Auntie Anne’s.”
Samosa Party was launched with a mission to make good quality samosa accessible to customers across all channels in a hygienic and trustworthy environment. It operates by solving the supply side problem with the production and consumption of samosa at scale using technology.
With best customer repeat rate and hitting revenue targets even amid lockdown, Samosa Party has scaled to serving 1.5 lakh samosas per month. It combines the traditional cooking processes to solve the problems of scale using food technology and production innovation at every stage. With a robust technology first mindset and extreme focus on customer experience, the brand sees a very healthy unit economics.
Amit Nanwani, Co-Founder of Samosa Party says, "We appreciate the digital first approach of IPV for pitch and all further discussions. It was fast and efficient and we were guided by Industry veterans. They understood our vision and took the time to help us articulate it further. 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.”
Samosa Party intends to utilise these funds to set up the infrastructure for scale, open cloud kitchens across Bengaluru and other tier 1 cities. The company looks forward to improving their unique production technology, and at present, claim to run the leanest and the most productive cloud kitchen at Rs. 8000 per sq ft.
The Indian snack market is pegged at Rs 42 lakh crore and 65% of this is completely unorganised. With rising concerns around hygiene and well-being, customers will opt for branded and dependable food brands.