Beyond Snack, a known brand of banana chips, from Kerala, has successfully raised $3.5 million in funding with NABVENTURES Fund taking the lead. Established in 2020 the brand intends to broaden its distribution network enhance its supply chain capabilities and allocate resources, towards research and development. Offering a selection of 15 flavors while prioritizing ingredients Beyond Snack aspires to revolutionize the snacking industry.
Kerala-based company Beyond Snack known for its banana chips has successfully raised $3.5 million in a funding round led by NABVENTURES Fund. The funds will be utilized to expand their distribution network enhance supply chain capabilities and invest in research and development.
Beyond Snack was founded in 2020 by Manas Madhu with Jyoti Rajguru and Gautam Raghuraman joining as co-founders. Their banana chips have gained popularity as a snacking option, in South India.
In addition to receiving investments from 100x.VC, angel investors, and networks like Faad Network this year Beyond Snack also secured funding through their participation on Shark Tank India Season 1. Former BharatPe MD Ashneer Grover and boAt co-founder Aman Gupta were among the investors.
Notably Beyond Snack prides itself on using ingredients without any colors or flavors in their chips. They offer a variety of flavors such as salted peri, salt and black pepper sour cream onion, and parsley. Currently, they have around 15 products listed on their website. Apart from its platform Beyond Snack also sells through online channels including Amazon, Flipkart BigBasket Blinkit Swiggy Instamart Zepto.
While the brand has recently expanded its presence, in Maharashtra state of India they have plans to further expand into 25 cities within the next year. Beyond Snack has expanded its presence to countries, including the US, the UAE, Australia, Sweden, Qatar, Nepal, Singapore, and Mauritius.
Manas Madhu, the founder of Beyond Snack expressed enthusiasm, over the funding infusion. He mentioned that this financial boost will enable them to elevate their brand to heights and reach an audience of snack enthusiasts. Given the growing demand for high-quality snacks, they are confident in their ability to revolutionize the snacking industry by offering guilt-free options.
The snacking segment holds potential within India’s D2C (Direct to Consumer) landscape. According to research conducted by Research and Markets, it is projected that India’s snack market will witness growth with an estimated value of $23.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 12%.
This year Mondelez India and Huddle launched a startup engagement program called CoLab. This virtual program spans over 12 weeks. Aims to identify promising early-stage snacking food startups. Selected participants receive mentorship along with an equity-free grant amounting to $20K.
In funding developments within this sector, TABP Snacks and Beverages successfully raised INR 20 crores in a funding round. Additionally, Indian cricketer Shikhar Dhawan has made investments, in TagZ Foods.
