Shark Tank India-featured Beyond Snack raises $8.3 million in Series A funding round

Kerala-based banana chips maker Beyond Snack has secured $8.3 million in a Series A funding round led by 12 Flags Group, a consumer-focused fund started by Rakesh Kapoor, the former global CEO of Reckitt Benckiser.

The latest infusion also includes participation from existing investor NAB Ventures, Japanese venture capital firm Enrission India Capital, and Faad Network, among others. According to people familiar with the deal, the four-year-old company is now valued at around Rs 300 crore.

What does Beyond Snack do?

Founded by entrepreneurs and co-founders including CEO Manas Madhu, Beyond Snack has made a name for itself with its plant-based savory snacks, free of artificial colors and flavors. 

The company first gained widespread attention on Shark Tank India Season 1, where it secured investments from Ashneer Grover and Aman Gupta.

Beyond Snack says it is already present in about 20,000 retail outlets, with half of its sales coming from offline channels. It plans to double that reach to 40,000 outlets by the end of fiscal 2026 and expand to more than 40 cities, focusing on southern states such as Karnataka and Tamil Nadu.

Snack market in India

In India, the savory snack market grew from an estimated Rs 500 billion in fiscal 2015 to about Rs 751 billion in fiscal 2022, as per a 2024 report by brokerage Anand Rathi. Of this, organized and branded snacks make up around Rs 423 billion, led by established names such as Haldiram, PepsiCo (Lay’s), ITC (Bingo), Balaji Wafers, and Bikaji Foods International.

Beyond Snack aims to stand out in this crowded space by offering a modern spin on banana chips, a traditional favorite often sold in unbranded loose packs.

Purpose of fundraising

The latest funding will help Beyond Snack strengthen its supply chain, launch new products, and deepen its backend integration. This aligns with the company’s goal of reaching untapped markets, especially in the south, where its current presence is limited.

Already operating in 18 cities across India, the brand also boasts an international footprint in 12 countries. Demand for its products abroad, the company says, has been encouraging as global consumers embrace healthier snacking options.

Beyond Snack has raised a total of Rs 192 crore (nearly $25 million) to date, including earlier investments from NAB Ventures, 100X.VC, Faad Network, and angel investors. Kapoor’s 12 Flags Group, which launched its $100 million India Consumer Fund in 2023, has been looking to back early-growth consumer brands.