Mumbai: Snacks brand TagZ Foods on Thursday said it has raised an undisclosed sum from Ashneer Grover of BharatPe and Namita Thapar, executive director of Emcure Pharmaceuticals.
While Ashneer Grover committed to the fund on the startup pitching show Shark Tank India, the investment by Namita Thapar, who is also one of the ‘Sharks’, was not part of the show.
The company plans to use the funds to expand its product line, production capacity and strengthen its distribution to other cities.
“We are accelerating our new product launches, ramping up capacity and our market presence aggressively. With these plans in place we expect our revenues to grow eight times during the current fiscal,” said Anish Basu Roy, cofounder of TagZ.
A serial entrepreneur, Roy also cofounded Shotang, a B2B supply chain startup, and has worked with brands such as Nokia and Coca Cola in various sales and marketing roles across Asia. Last April, TagZ raised $500k in pre-Series A funding from Dexter Angels, Agility Ventures, Venture Catalysts, Dharamveer Chouhan (cofounder, Zostel), Dhruv Toshniwal (cofounder, The Pant Project), and Arjun Vaidya (cofounder, Dr Vaidya’s), among others.
“I am personally passionate about healthy snacking and through Emcure bring healthcare expertise and networks to any company I associate with. TagZ is a brilliant brand that balances fitter snacking options without compromising on taste and I am excited to help them scale in India and globally,” said Thapar.
Packaged salty snacks and biscuits are an over Rs 65,000-crore market, and two of the largest categories in the larger fast moving consumer goods market. The company said it focuses on the top 30-40 million households in India through an omni-channel strategy that includes more than 30 online partners and over 2,000 offline stores.
Last November,
ET reported that TagZ Foods said it would enter the handcrafted chocolates and hemp cookies market, and that it expected revenues to grow eight-fold this fiscal.
