GO DESi, the Bengaluru-based food brand has raised INR 1 crore in seed funding from Lead Angels Network, a Mumbai-based investment firm. Serial entrepreneur R Ramaraj who founded and served as the CEO of Sify also participated in the funding round.
The food startup plans to utilize the freshly raised capital to expand its sales and enhance its distribution network to metro cities. The startup will also focus on strengthening its back-end supply chain.
Founded by former ITC employe Vinay Kothari last year, GO DESi was incubated at IIM Bangalore, part of Wadhwani Foundation FMCG Accelerator, part of Upaya Agri business cohort. The confectionery brand works with farmer cooperatives and SHGs to manufacture products and distribute it into retail stores under its brand’s name.
Talking about the investment, Sushanto Mitra, CEO of Lead Angels Network, said, “What impressed us most about GO DESi is their ability to retain the classical Indian flavours with their new line of products such as Imli Pop and Jackfruit bars which undeniably satiate the Indian taste buds. They also understand and realize the importance of retail strategy which has been a crucial aspect of India’s consumer growth story.”
GO DESi currently offers food products including Jackfruit bars, Banana Bites, Amla Bites and Lemon Chaat. With availability in more than 250 retail stores across Bengaluru, the startup’s products have already become the top selling products in their respective categories on Amazon and Flipkart.
Food brands are getting real attention from venture capitalists and angel investors. Startups like Timla Food, Sattviko and The Mummum Co has already raised funds in the past few months. Sattviko raised an undisclosed amount while Timla Foods raised INR 13.7 crores in debt funding.