Bengaluru-based food and beverage startup Samosa Singh has raised $2.7 Mn (INR 17 Cr) in Series A funding round led by women-led startups-focused She Capital. Samosa Singh’s previous investors Fireside Ventures also participated in the round, along with Equanimity Investments, AL Trust, and Japan-based AET Fund.
Fireside Ventures had also participated in Samosa Singh’s seed round. Besides Samosa Singh, Fireside Ventures’ portfolio includes Tasty Tales, Vahdam Teas, Yogabar, Bombay Shaving Company, Goodness Beverages and Mamaearth. Samosa Singh is She Capital’s first investment.
With this funding Samosa Singh is looking to scale up its operations and production capabilities. The team also has plans to expand into multiple cities and is looking to launch a cloud-kitchen model.
Founded in 2016 by Nidhi and Shikhar Veer Singh, Samosa Singh is a street food brand that focuses on Indian nugget-like snacks, samosa. However, the company claims that the samosas prepared by Samosa Singh are 56% lower in fat. The samosas are cooked at the point of sales, against the orders. The production unit has the capability to produce 25K units a day and Samosa Singh is utilising 90% of it already. Therefore, the company is planning to scale up its capabilities to produce one lakh units a day.
Samosa Singh currently operates in Bengaluru and Hyderabad, with plans to establish and consolidate its presence in South India in the coming year. Since its founding in 2016, it has partnered with leading national brands such as INOX, PVR Cinemas, and Café Coffee Day, among others.
“We were always passionate about something of our own in food and we saw a huge unmet need in the market. We solve an unmet need of the market when it comes to Indian street food and Indian snacks. There is nothing organised here and it’s a huge market,” Nidhi said. She added, “Samosa Singh was born from a simple realisation – in India, leisure time and snack foods are both inextricably linked to the country’s cultural fabric. And what food better exemplifies our country than the versatile samosa. Through Samosa Singh we’ve found a way to strengthen this bond, and by positioning ourselves as leaders in the under-penetrated and fragmented gourmet snack market are poised for immense growth.”
Speaking of the funding, Shikhar Veer Singh, Co-founder and CEO said in a press statement, “Passion for our product drives everything we do, and we’re thrilled to have found a set of partners whose ideals align with ours. Their backing and experience will allow us to expand our presence pan-India and increase our production capacity manifold, enabling samosa lovers across the country to experience the change.”
Anisha Singh, Founding Partner, She Capital stated, “As our first investment , Samosa Singh led by Nidhi is a great embodiment of this vision. What excited us about them is the unique insights & innovation that Nidhi & Shikhar bring to one of the most consumed snacks in the country. Building on technology, scientific research & key consumer insights without diluting the experience or quality for end users is what makes this brand a great bet.We’re excited to partner with them as we make Samosa Singh a house-hold name”
In 2019, Samosa Singh recorded a 200% year-on-year(YoY) growth. By March 2020, the company is expected to reach a run rate INR 12 Cr. The company also claims that once all its cloud kitchens are set up by 2021, it will manage to hit INR 4 Cr run rate, monthly.
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