Gurgaon-based instant food brand Yu has raised Rs 20 crore in a Series A funding round through a mix of equity and debt led by independent investor Ashish Kacholia, with participation from Asian Paints‘ promoter group Manish Choksi and Varun Vakil.
The round also saw participation from the DPIITs Start Up India Seed Fund scheme, which approved Yu under its Rs 945 crore program that funds technology-enabled startups, the startup said.
Yu plans to use the raised capital to double its capacity and ramp up its offline-online distribution in India while expanding its global footprint across markets like Africa, the Middle East and the US.
Founded by Bharat Bhalla and Varun Kapur, Yu has developed a wide range of 15 unique products across noodles, pasta, oats, and halwa that can be prepared in 4-5 minutes by simply adding hot water.
The startup claims to have witnessed significant customer traction, with over 200% growth QoQ and is on track to sell 1 million bowls by Q3-FY23, it said.
“The next 12 months will also see us aggressively expanding our presence in global markets like the US, Africa and Middle East. Additionally, it provides us the capacity and resources to penetrate alternate channels like airlines, railways, hospitals, universities and defense services where our 100% natural meal bowls are truly disrupting the segment." said Varun Kapur.
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