Curryit Bags Rs 4.5 Cr In Seed Round
With increased production capacity and distribution, the brand aims to quadruple its monthly revenue in the next six months
CURRYiT, a cooking paste brand, raised Rs 4.5 crore. The fresh capital infusion will primarily be allocated towards scaling up operations, enhancing brand marketing efforts, and strengthening their distribution channels to cater to the Indian ready-to-cook and spices market, which is likely to grow at a compounded annual growth (CAGR) of 15.7 per cent from USD 9.81 billion in 2022 to USD 42.17 billion by 2032.
The round was led by esteemed investors including RK Family Trust (of Apollo group), Tangent Advisors, Freeflow Ventures, and prominent angel investors such as Ramesh Damani (of DMart group), Ajaya Jain, and other angel investors.
CURRYiT, founded by IIM alumni Richa Sharma and Nischal Kandula offers a range of cooking pastes in India including curry pastes such as Kashmiri Rogan Josh, Butter Masala, biryani pastes, ginger garlic paste, tomato purees, instant tadka, etc.
The company claimed it serves 25,000 plus pin codes per day and has witnessed over 50 per cent month-on-month growth on Q-commerce platforms. With increased production capacity and distribution, the brand aims to quadruple its monthly revenue in the next 6 months.
Commenting on the deal, CURRYiT, founders Richa and Nischal said “Clean delicious food is not merely a USP for us, it is a choice we would like consumers to make for tastier and healthier home-cooked food.”
The company also claimed it has a world-class Food and Drug Administration (FDA), ISO-certified in-house manufacturing facility with 40 plus quality checks in place. This facility also allows CURRYiT to faster go-to-market of products while keeping costs low and benefiting from economies of scale, as per press release.
