Indian popcorn startup Timla Foods raises $2m for countrywide expansion

By Gill Hyslop contact

- Last updated on GMT

Popicorn maker has raised further investment to expand its footprint across India. Pic: Popicorn
Popicorn maker has raised further investment to expand its footprint across India. Pic: Popicorn

Related tags: India, Popcorn, Investment, expansion

Hyderabad-based Timla Foods has raised Rs. 13.7 crores ($2m) in debt financing from Anicut Capital, an investment firm with a focus on small and medium enterprises (SMEs).

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.”

Aggressive push

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.

Related topics: Snacks, Markets, Emerging Markets, Convenience

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