Prominent foods brand ‘Soulfull’ is all set to raise INR 35 crores (US$5.3 mil) from Aavishkar, a part of the Aavishkar-Intellecap Group. Kottaram Agro Foods operate under the brand ‘Soulfull’ in the market. Prashant Parameswaran, CEO of Kottaram Agro Foods stated that ‘our partnership with Aavishkar will help us in Strengthening Soulfull portfolio and reaching more consumers in the next three years.
We are planning to reach 50,000 retail outlets that would sell ‘Soulfull’ products, across metro cities, Tier 1, and Tier 2 cities. We are stepping into beverages category with ‘Smoothix’ drink; a health drink that is made up of 12 natural grains’.
Aavishkar-Intellecap Group raised $200 million, out of which it closed the last year with $95 million.
The Bangalore-based startup aims to bring traditional grains like millets, and other natural grains in a modern avatar to its consumers. Soulfull already sells various products like Ragi Bites, millet meals (ready-to-cook), and museli. The latest funding marks the first round of ‘institutional fundraising’ exercise of the company.