The investment will enable Timla Foods – which produces ready-to-eat popcorn under the Popicorn brand, and claims to contain only 100% natural, GMO-free whole corn – to embark on an aggressive strategy to grow its footprint across India.
The company currently operates one production facility in Andhra Pradesh that produces R8 crores ($112k) worth of popcorn every month and is planning to set up another unit in the northern part of India.
It has a presence across Andhra Pradesh, Telangana, Delhi, and Bengaluru in over 35,000 retailers, selling over 150,000 packets every month.
“We have started our expansion on the B2B side,” said Prashanth Gowriraju, CEO of Timla Foods.
“Over the next two years, general trade and modern trade will form about 65% of our revenues, while B2B will form 35%. Cinema halls and Indian Railways are some of the key areas of focus.”
The Kae Capital-backed company was founded by Prashanth Gowriraju, Arun Sahlam, N V Prasad and Naveen Alzapur in early 2016.
Currently, its popcorn brings in around Rs. 5 crores ($70k) revenue monthly. It is aiming to raise this to around Rs. 80-100 crores ($1.1bn-$1.4bn) for the financial year 2018-19.
Chennai-based investment firm Anicut Capital has invested more than 450 crores ($6.3bn) to Indian SME companies since its establishment in 2015, including popular Indian beer brand Bira 91 and digital lending platform Lendingkart.