March 4, 2021

ITC: Forbidden Meals raises seed funding; to compete with PepsiCo, ITC



New Delhi: Packaged meals startup Forbidden Meals has raised seed funding of 1 million {dollars} from marquee angel traders and rolled out its first product line to compete straight with PepsiCo, Parle, ITC within the organised snacks area.

The seed funding spherical was led by curated crowd-funding platform and early stage enterprise fund Globevestor, and Secocha Ventures, a press release by Forbidden Meals stated. Different traders within the spherical embody First Cheque VC, HyperTrack founder and chief govt Kashyap Deorah, and Quess Corp chief govt Vijay Sivaram, amongst others.

Co-founder and chief govt Anuj Krishan, beforehand a part of the founding staff of home-grown craft beer BIRA 91, stated: “We’ve got assembled a cross-functional staff to disrupt the packaged snacks enterprise; we’re pushing the envelope on innovation.”

The corporate stated its first product line, BRB Popped Chips, is “smartphone-friendly”, low fats and gluten-free vary, and has been launched in retail shops and e-commerce and grocery supply platforms.

That is Krishnan’s second entrepreneurial enterprise. The opposite co-founders are Abhishek Agarwal beforehand with Schlumberger, Apurva Anand previously with Coca-Cola and Hector Drinks (Paper Boat) and Tanmoy Mukherjee, additionally a part of the founding staff of BIRA 91 and beforehand with Lavazza and Reliance Retail.

In response to a report by Mondelez Worldwide and The Harris Ballot launched late final yr, over 75% of Indians stated snacking is the way forward for meals, towards 53% globally. Indians are ordinary snackers, with 77% snacking across the identical time every day – beginning proper earlier than breakfast and peaking at mid-day, the report stated.

The coronavirus pandemic and the nationwide lockdown beginning March 25 led to packaged meals firms together with Nestle, Britannia, Amul and Parle reporting wholesome volumes, as Indians stockpiled on meals as they stayed indoors.