According to the business, 40% of the funds will be directed to branding and marketing, 30% for working capital, 10% for hiring the next level of the leadership team, and 20% for new product development. Skippi received investments in 2022 from all six sharks on Shark Tank India Season 1. Skippi Ice Pops, founded in 2021 by Ravi and Anuja Kabra in Hyderabad, sells popsicles in over five flavors, cream rolls, and cornsticks using an omnichannel retail business strategy.
Skippi, an ice popsicle company, has raised INR 10 crore ($1.2 million) in a Pre-Series A fundraising round spearheaded by the Hyderabad Angel Network and Venture Catalysts.
Soonicorn Ventures, HEM Securities, and many angel investors also participated in the round.
Furthermore, the business stated that it is looking to secure an additional INR 7 crore soon.
Ravi Kabra, CEO and cofounder of Skippi, told Inc42 that the additional INR 7 crore will be included in the same round, and that conversations with a few investors are underway.
The funds will be used primarily for brand building and marketing initiatives, with a focus on increasing working capital, pushing new product development, and adding key leadership professionals for the next phase of growth.
According to Kabra, “40% of the funds will be allocated to branding and marketing, 30% for working capital, 10% for hiring the next level of leadership team, and 20% for new product developments.”
Skippi claims to have raised INR 10 crore in total finance to date.
“With this funding, we will focus on building our brand, developing new products, and adding great talent to our leadership team,” Kabra explained.
Skippi received investments from all six Shark Tank India Season 1 sharks – Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal – in 2022, totaling INR 1.2 crore for an 18% equity stake. Since then, the firm has recorded an 80-fold increase in monthly revenues, which have risen from INR 5-7 lakhs.
“Before appearing on Shark Tank we were at an ARR of INR 60 Lakhs (annual run rate) currently we are projecting INR 60 Cr to INR 100 Cr this year,” Kabra stated.
Skippi Ice Pops, founded in 2021 by Ravi and Anuja Kabra in Hyderabad, is sold in over 20,000 locations nationally. Using an omnichannel retail business strategy, the startup sells popsicles in over five flavors, as well as cream rolls and corn sticks.
The products contain only natural ingredients and flavors, and their ice pops are prepared with RO water. Skippi sells through its website and rapid commerce apps, including Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket.
