Riga Foods, a portfolio company of Analjit Singh’s family office, led a pre-seed funding round for Khoya, a Delhi-based company that produces premium traditional mithai and luxury confectionery products, raising USD 750,000.
The round saw participation from renowned investors, including Priya Paul. Khoya’s business model involves selling its products online and via a network of stores located in premium retail spaces and hotels. Launched in 2016, the company aims to make mithai exciting again, and it has established itself as India’s first luxury mithai brand.
Khoya prides itself on using only fresh and 100 percent natural ingredients, carefully handcrafting each piece, and beautifully packing them.
Khoya, whose high-profile clients include Louis Vuitton, Cartier, Good Earth, Lexus, and Karan Johar, plans to utilize the funds from the pre-seed funding round to develop new products and expand into new categories of related consumer products.
The company also intends to expand its retail footprint in other metro cities across India and venture into international markets. Founder Sid Mathur revealed that Khoya began as a passion project, where the team immersed themselves in history, traveled, sourced ingredients, worked hard on recipe development, and dedicated months to packaging.
With the product’s excellent quality, Khoya grew organically, solely through reinvestment of profits. According to Mathur, the organized Indian sweets and premium gifting market is rapidly growing and expected to reach INR 15,000 crore by 2028. The recent capital infusion will enable the company to scale up and expand its kitchens, teams, and distribution, both domestically and globally, taking the brand to a new level.
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