Ice popsicle brand Skippi have raised ₹10 crore Pre Series A round led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs). The round also saw participation from Soonicorn Ventures, HEM Securities, and several angel investors. The brand is also in talks to raise additional ₹7 crore in the coming weeks.
The brand said that the funds raised will be primarily allocated to brand building and marketing initiatives, with a focus on enhancing working capital, driving new product development, and hiring key leadership personnel for the next phase of growth.
Launched in 2021, Skippi is available in over 20,000 outlets nationwide and through major online platforms such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. The company’s has recently also launched cornsticks and cream rolls with an aim to reach a ₹100 crore valuation, a statement added.
The brand has bagged investments on Shark Tank India Season 1 from Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal. These investors collectively invested ₹1.2 crore for an 18 per cent equity stake.
Ravi Kabra, CEO and Co-Founder of Skippi said, “This funding is a big step for Skippi as we work to become a top FMCG brand in India. With this money, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team.”
Pradeep Dhobale, Vice chairman and lead investor, Hyderabad Angels said,”Skippi has demonstrated that there are vacant spaces available for startups in FMCG Foods, even though the category is dominated by large multinationals and domestic players.”
The frozen dessert sector in India is expected to reach $2.4 billion by 2027.