A substantial portion of the pre-seed capital will be used for new product development, brand-building initiatives, and content creation efforts
New Delhi: Food and beverages startup Nuvie on Monday said it has raised $4,50,000 (Rs 3.8 crore) in a maiden pre-seed funding round, led by startup accelerator PedalStart.
The round also saw participation from several individuals and angel investors, including Mukesh Bansal (Founder of Myntra, Cult. fit, and Nurix), Ayyappan R (Founder & CEO of FirstClub; ex-CEO of Cleartrip), Chanakya Gupta (Co-Founder of Tuco Kids; ex-SVP of Flipkart), and Arun Sharma (Co-Founder & CPO of Qlub UAE), the company said in a statement.
A substantial portion of the pre-seed capital will be used for new product development, brand-building initiatives, and content creation efforts. The remainder will be strategically deployed to expand distribution and unlock growth opportunities, it added.
This is Nuvie’s first external fundraising since its inception last year.
“This capital will empower us to double down on product innovation and strengthen our market presence as we gear up for our next phase of growth,” Nuvie Co-Founders Prashant Paliwal and Hem Narayan said.
Nuvie said it currently sells ready-to-drink protein shakes and has expanded its footprint in over 100 premium retail stores across major metros such as Delhi, Mumbai, Hyderabad and Chennai.
