Food Startup Sattviko Raises Strategic Funding To Expand Internationally
Delhi-based healthy and pure food startup Sattviko has raised an undisclosed amount of strategic funding from marquee investors led by Ashish Gupta, an angel investor and founder of Helion Venture.
Other investors include Sunil Chandiramani- Former India Head, Ernst & Young Advisory, and others senior private equity professionals.
Founded in 2014 by Prasoon Gupta, Ankush Sharma, and Rahul Gupta, Sattviko runs quick-service restaurants and offers sattvik (pure) food – without onion and garlic – and also sells ayurvedic products through its online marketplace.
Its products are currently available in 25 cities across India including large institutions such as Taj Hotels and SpiceJet.
Talking to Inc42, Prasoon Gupta, co-founder and Director, Sattviko said that the company plans to use the funding to reach INR 30 Cr topline in next quarter and also expand into international geographies.
The company plans to expand into US, UK and the Middle East. Explaining the reason for selectively targeting these countries, Gupta explained that Indians will be the early adopter of its products and they are influential across these countries.
Sattviko claimed to be profitable from July 2016 and had a revenue run rate of $1 Mn (INR 7 Cr) per annum growing almost 20% month on month.
Going forward, for FY18, Gupta said that Sattviko has targeted to reach $4.29 Mn (INR 30 Cr) revenues and aims to reach $10 Mn (INR 70 Cr) in FY19-20.