Lo! Foods bags USD 1 million in pre-series A funding, eyes expansion
Category: #tech  | By Mateen Dalal  | Date: 2021-04-17 |
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Lo! Foods bags USD 1 million in pre-series A funding, eyes expansion

Lo! Foods, a Bengaluru-based consumer goods startup has reportedly secured USD 1 million during its pre-series A funding round, which was led by Chona Family Office, the former promoters of the renowned Hamvor Ice Cream.

Other investors that participated in the funding round were Ecosystem Ventures, KRS Jamwal, Raveen Sastry, and Pratyush Prasanna among others, cited sources aware of the development. Lo! Foods is planning to use the fresh funds to expand its existing distribution networks as well as ramp up its marketing strategies.

Founded in 2019, Lo! Foods specializes in providing a wide array of healthy low carb and keto-friendly convenience products that are essentially based on Indian cuisine. Each of these products is produced in-house and are known to offer less than 3 gms of total carbs per serving.

The founder and CEO of Lo! Foods, Sudarshan Gangrade, was quoted saying that the startup’s products have witnessed significant recognition since the past year. The fresh investment will allow the company to accelerate its growth as well as reinforce its presence in the market space, he added.

It is worth mentioning that Lo! Foods had earlier managed to secure USD 500,000 from several well-known investors such as the co-founder of Venture Catalyst Anuj Golecha, Raveen Sastry, one of the founders of Myntra, and CFO of BookMyShow Mitesh Shah.

Lo! Foods products are currently not only available on the official website but also on e-commerce platforms such as Bigbasket, Flipkart, and Amazon.

The company has also teamed up with various five-star hotel chains such as Sheraton and Hyatt to provide low carb and keto-friendly food items, sources claimed. Additionally, Lo! Foods has recently expanded its service reach to the Middle East, United States, and Singapore.

Source Credits –

https://www.exchange4media.com/marketing-news/lo-foods-raises-1-million-in-pre-series-a-funding-112359.html

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Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

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