Millet snacks company Troo Good has raised ₹55 crore in Series-A funding round led by OAKS Asset Management.

The startup had earlier raised $1 million from AppLabs founder Sashi Reddi and his family in the seed round.

Founded by serial entrepreneur Raju Bhupati, the startup said it would use the proceeds to expand its presence beyond Andhra Pradesh and Telangana. “Our mission is to reach out to 1 crore children every day with our affordable snacks. Currently, we serve about 10 lakh children every day,” Troo Good founder and Chief Executive Officer Raju Bhupati said.

Addressing a press conference on Thursday, he said the company started off with making millet-based chapatis and parathas in 2018.

Troo Good manufactures Millet Chikkis from its three factories in Telangana and Andhra Pradesh. “We are planning to open another five more factories in the next few months,” he said.

“Our annualised revenue is about ₹70 crore and we have been consistently EBIDTA positive. We will expand our operations using the funds that we raised and target to reach a turnover of ₹300 crore in the next 3 years,” he said.