FoodTech Startup TagZ Foods Raises Funds From BharatPe’s Ashneer Grover, Others
TagZ Foods, a snacks brand, has raised an undisclosed amount from Ashneer Grover of BharatPe and Namita Thapar, executive director of Emcure Pharmaceuticals.
While Ashneer Grover committed to investing in the startup on the pitching show Shark Tank India, the investment by Namita Thapar was not part of the show.
As per the startup, the freshly raised funds will be used to expand the product line, production capacity and strengthen its distribution to other cities.
TagZ Foods | GenZ Snack Brand
Founded in 2019 by Anish Basu Roy and Sagar Bhalotia, TagZ Foods is a Bangalore-based foodtech startup that manufactures popped potato chips with 50 per cent less fat, international gourmet dips and a range of premium bar snacks.
Leveraging technology, TagZ Foods makes potato chips that claim to have no cholesterol, no transfat, no artificial colours, or preservatives.
Speaking on the development, Anish Basu Roy said,
“We are extremely delighted to have Namita and Ashneer on board as we build a truly international snack brand. It was heartening to see that the Sharks were so keen on partnering with a young brand like TagZ. We are accelerating our new product launches, ramping up capacity and our market presence aggressively. With these plans in place, we expect our revenues to grow 8x during the current fiscal.”
Through an omnichannel strategy that includes more than 30 online partners and over 2,000 offline stores, TagZ Foods focuses on the top 30-40 million households in India. The snack brand has registered a 30x increase in volumes and so far has sold 40 lakh units of products.
Recently, TagZ Foods stated it would enter the handcrafted chocolates and hemp cookies market and expects revenues to grow eight-fold this fiscal.
Packaged salty snacks and biscuits are two of the largest categories in the larger fast-moving consumer goods (FMCG) market, with an over Rs 65,000-crore market.
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