Lo! Foods, a startup in the healthy food segment, has raised seed funding of $0.5 million (roughly Rs 3.50 crore) from a handful of angel investors. Anuj Golecha, Co-founder, Venture Cataylst, Rashmi Daga, Founder, Freshmenu, Raveen Sastry, Co-founder, Myntra, Mitesh Shah, CFO, BookMyShow, Sunil Chhabra, Advisor & Founding Team Member, Jumbotail, Gaurav Arora,Chief Investment Officer, ASK Wealth are some of the angels who have participated in this round of investment.
Lo! Foods specializes in packaged foods Low Carb and Keto friendly range. The company is just a few months old, and the founder is Sudarshan Gangrade a former senior executive, with Ola. In addition to the funding, the company has also brought in some senior FMCG segment specialists such as PC Musthafa, Co-founder CEO, ID Fresh Food India and Anuradha Narasimhan, Ex CMO, Britannia as advisors or mentors for the founder. They will help in guiding the brand through its next phase.
The range of products manufactured and supplied include Atta, Namkeens, Mixtures, Biscuits and Desserts, with many of these being the only ones of their kind with the Low Carb / Keto friendly tags. The company is headquartered in Bangalore. The company claims its mission is to reduce the incidence of diabetes and cardiac related diseases in India by 5 million by 2023.
“Lo! Foods was started with a single purpose - to build a truly healthy product that works. A brand that creates a healthy and low carb keto friendly food that is inherently Indian. Our products have seen great traction and validation with our consumers, with extremely high monthly repeats. Fine dining spaces like 5-Star hotels have also validated our product quality and taste by creating exclusive menus. Top FMCG and Financial executives coming on board to invest and mentor the company is another strong validation of the prospects we have as an organization. We believe we are now ready to further scale up our operations to the next level,” Sudarshan Gangrade, Founder, Lo! Foods said.
The company has also managed to associate with some of the leading hotels, Hyatt Place, Hyderabad for one. These hotels include in their menu, low carb foods like paranthas to serve to their guests. For marketing, Lo! Foods has tied-up with top health platforms like Freshmenu, Eat Fit and e-commerce sites like Amazon, Flipkart and Big Basket.
The angel investors have brought in these funds as individual and not as corporate investors. The funds raised now will be deployed towards scaling up its online presence.