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India’s leading impact investor Aavishkaar, part of the Aavishkaar-Intellecap Group, invested Rs 35 crore into packaged foods startup Kottaram Agro Foods that markets products under the brand ‘Soulfull’.
Founded in 2011, Kottaram Agro Foods works with state governments and research institutions which cater to the increasing number of Indians who are shifting to more healthy lifestyles.
The investment will be made through its $200 mn Aavishkaar Bharat Fund with the fund having completed its first close at $95 mn late last year.
The round marks Soulfull’s first institutional fund raising exercise. The Bangalore-based firm brings traditional grains such as millets back to the consumer in modern avatars processing grains like Ragi into healthy breakfast and snack options such as flakes, Ragi bites, muesli and ready-to-cook oat-millet meals.
This fund raise will also mark the brand’s foray into the beverages category as it gets set to launch ‘Smoothix’, its high protein, health drink made out of 12 natural grains.
The Aavishkaar Bharat Fund is targeting early-to-mid stage investment opportunities in sectors such as healthcare, agriculture, clean technology, education and financial inclusion.