The startup plans to use the raised capital to increase the growth, enter new markets, expand its manufacturing capacity, strengthen operations, and launch new products.
Besides, it will also focus on enhancing its technology platform, strengthen its logistics network, and increase its Marketing efforts.
Prior to this, TagZ raised $1.2 million in seed funding in 2020 from a group of angel investors in 2020.
The startup also raised funding from Namita Thapar and Ashneer Grover on the show Shark Tank India’s first season.
Founded by Anish Basu Roy and Sagar Bhalotia in 2019, TagZ Foods claims that its own manufactured popped potato chips are 50% less fat.
The brand also makes international gourmet dips and a range of centre-filled cookies.
The startup claims to have registered a 30-folds increase in volumes in the last 18 months.
At present, It focuses on the top 30-40 million households of the country through an omnichannel strategy that includes a network of 5,000 retail stores, and availability in over 30 e-commerce platforms such as Swiggy Instamart, Zepto, Blinkit amongst others serving consumers across 22 cities.
Apart from India, It also has its customer base in Kuwait, Dubai, Maldives, and Australia.