The sauces sector is booming in India, with several companies raising capital as investors bet heavily on its growth potential. Troovy, a sauce-making startup, is in the advanced stages of raising between Rs 11-13 crore (around $1.5 million) in funds from Sharrp Ventures, the investment arm of Marico’s Harsh Mariwala family, sources told Indian Startup News (ISN).
The round is still ongoing and other investors are likely to also put in money, the sources added.
Troovy will use the money to expand its assortment and stock keeping units (SKUs) and increase its presence to compete with other players such as Veeba, Wingreens, MasterChow and others in a competitive market.
Troovy’s current round will be its largest since its inception in 2021. It previously raised smaller rounds from Veltis Capital, Swadharma Source Ventures and others, According to data from Tracxn.
Gurugram-based Troovy is finalizing a round shortly after its competitor, MasterChow, raised a fresh round of funding led by Singapore- and India-based Tanglin Venture Partners.
Sauce companies in particular, and consumer brands in general, are growing at an exponential rate thanks to a booming fast commerce industry in the country. Fast commerce platforms like Blinkit (owned by Zomato), Swiggy Instamart, Zepto and Tata BigBasket are helping consumers discover small brands, resulting in brands growing their business without spending much on the supply chain.
Troovy and Sharp Ventures did not respond to ISN’s inquiries.
For Sharrp Ventures, known for its successful investments in Mamaearth, Nykaa and others, this will be a rare occasion where it makes a low-cost investment. However, the potential of the brand has strengthened the investor’s conviction, according to sources.
Founded by Mansi Baranwal in October 2021, Troovy said it aims to add a twist to the way people consume sauces, replacing additives and preservatives with natural ingredients.
Baranwal, who worked at consulting firm Bain and Company for nearly a decade before starting her own company, said her love of healthy food led her to found Troovy.
“The concept of Troovy is deeply rooted in my time at Bain. I was involved in two major social projects with Tata Trust and Akshaya Patra Foundation. These projects, focusing on nutrition, revealed the alarming extent of malnutrition among children in India, even among well-off families. Many children were not attaining their optimum height or weight due to nutritional deficiencies,” Baranwal had said during an interview with IIM-Bangalore (IIMB), his alma mater.
“As parents of a three-year-old, we decided to create a brand that would address these issues by offering nutritious and healthy products for children across the country. That’s how Troovy was born. We see ourselves as a health company rather than a food company, dedicated to improving the nutrition of children across the country,” she added in the interview.
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