Kerala-based banana chips brand, Beyond Snack, raised $3.5 million in a funding led by NABVENTURES Fund. The company, headquartered in Alappuzha, Kerala, plans to utilize the funds to expand its distribution network, enhance supply chain capabilities, and invest in research and development.
Beyond Snack- A Growing Presence in the Snacking Market
Founded in 2020 by Manas Madhu, with Jyoti Rajguru and Gautam Raghuraman joining as co-founders, Beyond Snack has gained popularity for its banana chips, a favored snacking option in South India. In 2021, the startup received an initial investment from 100x.VC, along with support from angel investors and networks like Faad Network. Beyond Snack further gained traction when it featured on Shark Tank India Season 1, securing funding from former BharatPe MD Ashneer Grover and boAt co-founder Aman Gupta.
A Unique Offering and Expanding Market Presence
The startup prides itself on not using artificial colors or flavors in its Kerala banana chips. With a diverse range of flavors, including classic salted, peri-peri, salt and black pepper, sour cream onion, and parsley, Beyond Snack boasts around 15 SKUs listed on its website. The brand reaches customers through multiple online channels, including Amazon, Flipkart, BigBasket, Blinkit, Swiggy Instamart, and Zepto.
Recently, Beyond Snack expanded retail presence in Maharashtra. The company aims to grow its reach to 25 cities in the coming year. Additionally, it has successfully established its presence in international markets. These markets include the US, the UAE, Australia, Sweden, Qatar, Nepal, Singapore, and Mauritius.
Beyond Snack- Fresh Funds for Growth and Innovation
Manas Madhu, founder of Beyond Snack, expressed excitement about the funding. He stated that it will propel the brand to new heights. And enable them to cater to a broader audience of snack enthusiasts. Beyond Snack is well-positioned to transform the snacking industry by offering delicious and guilt-free options as the demand for high-quality snacks continues to rise.
A Booming Market and Growing Investor Interest
The snacking segment holds significant potential within India’s direct-to-consumer (D2C) landscape. Research and Markets predict the country’s snack market will reach $23.7 billion by 2028. The market is expected to have a compound annual growth rate (CAGR) of 12%.
The market’s growth attracts investment activities. TABP Snacks and Beverages recently secured INR 20 crore in funding. Indian cricketer Shikhar Dhawan invested in TagZ Foods. Moreover, Mondelez India and Huddle have initiated the CoLab, a startup engagement program. The program aims to support early-stage snacking food startups with mentoring and a $20,000 equity-free grant.
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