Google News
spot_img

Scandalous Foods targets to raise $12 million funding

Must Read

Upcoming funding round will be utilised to launch Mithai (sweets) parlours and expand its product offerings

Bengaluru:  Mumbai-based sweet innovation brand Scandalous Foods is targeting to raise $12 million in the coming months, following its pre-seed funding round in February 2024, where the company secured Rs 3 crore from angel investors, the company said in a press release on Monday.

The pre-seed round was led by KRS Jamwal, Mrunal Jhaveri, Arjun Vaidya of V3 Ventures, Ajay Mariwala, managing director of VKL and FSIPL, and Chef Harpal Singh. These funds have enabled the company to expand its production capabilities and establish a larger facility.

Upcoming funding round will be utilised to launch Mithai (sweets) parlours and expand its product offerings.

“Our recent pre-seed funding has laid a strong foundation for our growth. The additional Rs 3 crore has allowed us to enhance our production and cater to a broader clientele. As we prepare to raise $12 million, we are more committed than ever to revolutionising the Indian sweets landscape,” said Sanket S, co-founder of Scandalous Foods.

Scandalous Foods witnessed a 22% year-over-year (YoY) increase in the fiscal year (FY) 2024 and 75% growth in the last quarter (January–March 2024) compared to the previous quarter (October-December 2023). 

The company is also aiming to strengthen its presence in key markets, including Mumbai and Nasik, and build a robust hotel,/restaurant/catering (HoReCa) base. 

Scandalous Foods was founded in August 2022 by Sanket S and Pravesh Amin. Founded in August 2022, the company offers sweets with a 6-month shelf life, available in convenient single-serve sizes. Currently, operating as a B2B company, it has aspirations for expansion into business to consumer (B2C) and B2B2C markets.

Latest News

Ex-Zomato executive-owned F&B company Ninecamp Ventures raises Rs 16 cr seed funding

The proceeds will be allocated to enhancing the brand portfolio, acquiring prime real estate, recruiting talent, and investing in...