ISN Exclusive: Sauce startup Troovy in talks to raise Rs 13 crore from new investors

The sauce space is heating up in India, with a number of companies raising capital as investors bet big on their growth potential. Troovy, a startup that makes sauces, is in the advanced stages of raising Rs 11-13 crore (around $1.5 million) in funding from Sharrp Ventures, the investment office of Marico’s Harsh Mariwala family, sources told Indian Startup News (ISN).

The round is still ongoing and will likely see other investors putting in money as well, the sources added.

Troovy will use the money to expand its assortment and stock-keeping units (SKUs) and grow its presence to take on other players like Veeba, Wingreens, MasterChow, and others in a competitive market.

Troovy’s ongoing round will be its largest since its inception in 2021. It previously raised smaller rounds from Veltis Capital, Swadharma Source Ventures and others, as per Tracxn data.

Gurugram-based Troovy is finalising a round soon after its competitor, MasterChow, put together a fresh funding round led by Singapore and India-based Tanglin Venture Partners.

Sauce companies in particular, and consumer brands in general, are growing at an exponential pace thanks to a booming quick commerce industry in the country. Quick commerce platforms like Zomato-owned Blinkit, Swiggy Instamart, Zepto, Tata BigBasket are all helping consumers discover small brands which has resulted in small brands growing their business without spending heavily on supply chain.

Troovy and Sharrp Ventures did not reply to ISN’s queries.

For Sharrp Ventures, which is known for its successful bets in Mamaearth, Nykaa and several others, this will be a rare occasion where it is making a small ticket investment. However, the brand’s potential has strengthened the investor’s conviction, as per sources.

Founded by Mansi Baranwal in October 2021, Troovy said it aims to add a twist to how people consume sauces replacing additives and preservatives with natural ingredients.

Baranwal, who worked at consulting firm Bain and Company for nearly a decade before starting her own company, said her love for healthy food made her start Troovy.

“The concept of Troovy is deeply rooted in my time at Bain. I became involved in two significant social projects with Tata Trust and the Akshaya Patra Foundation. These projects, focused on nutrition, revealed the alarming extent of malnutrition among children in India, even among wealthy families. Many children were not reaching their optimal height or weight due to nutritional deficiencies,” Baranwal had said during an interview with IIM-Bangalore (IIMB), her alma mater.

“As parents of a three-year-old, we decided to create a brand that would address these issues by providing nutritious, wholesome products for children across the country. Thus, Troovy was born. We consider ourselves a health company rather than a food company, dedicated to improving children’s nutrition nationwide,” she added in the interview.