Children-oriented food brand, Slurrp Farm, with the support of Anushka Sharma, has successfully secured a fresh investment of Rs 59.9 crore (approximately $7.2 million). This round, after nearly a two-year hiatus, involved both existing and new investors.
Wholsum Food Private Limited, Slurrp Farm’s parent company, issued 3,13,691 Series C preference shares, gathering the specified amount.
According to documents retrieved from the Registrar of Companies, existing investors Fireside Venture and Raed Capital contributed Rs 12.4 crore and Rs 5.48 crore respectively, while newcomers Alkemi Ventures and Madhurima International added Rs 17.5 crore each. Additionally, Sharrp Ventures, linked to the Harsh Mariwala family, participated with Rs 7 crore.
The company’s primary focus for the new capital infusion, as mentioned in the filing, is to bolster its long-term financial resources. Fireside Ventures now holds 20.72% of the company, while Madhurima International, Sharrp Ventures, and Alkemi Ventures command 3.43%, 1.37%, and 3.43% respectively.
Quoting TheKredible, the startup data intelligence platform estimates Slurrp Farm’s valuation post-allotment to be approximately Rs 510 crore or $62 million. Notably, in February 2022, the brand raised $7 million in a Series B round led by the Investment Corporation of Dubai, and this marked Anushka Sharma’s association as an investor and brand ambassador for Slurrp Farm.
Founded in 2016 by Meghana Narayan and Shauravi Malik, Slurrp Farm specializes in millet-based snacks and meals tailored for young children, boasting a portfolio of over 25 products. Despite reporting over 2X revenue growth to Rs 40 crore in FY23 compared to Rs 19.15 crore in FY22, the company also experienced a 1.7X surge in losses to Rs 32.20 crore during the same period.
Setting ambitious targets, the company aims to achieve Rs 500 crore in revenue over the next few years and expand its presence from 2,000 stores to 40,000 stores.
