September 11, 2019: In a Pre Series-A round, led by Singapore-based Madison Capital, Hungry Foal, manufacturer of affordable healthy snacks, has raised undisclosed amount of funding. Also participating in this round were Singapore’s Das42 Ventures, Innerchef’s co-founder Rajesh Sawhney, Startupbuddy’s CEO Amit Singhal and senior senior corporate executives. GAIL (India) Limited is a Hungry Foal’s current investor. “The Hungry Foal team has a high mission to make nutrition accessible and affordable for everyone. I feel their USP is their unique focus on the tier 2-3 cities of Bharat,” said Rajesh Sawhney, Innerchef’s Co-founder.
Hungry Foal was founded in 2016 by Japna Rishi Kaushik and Vivek Kaushik, claiming to make nutrition tasty, affordable and accessible to everyone. The proprietary and scale-up recipes of Hungry Foal, coupled with the latest Food Tech, have helped to achieve high quality and good taste, and at a reduced cost. The latest round of funding will be used for product development, scaling the distribution & brand building. The company sells its products across tier 2 & tier 3 cities and works with customers like VITA – Haryana, CHRD Applied Studies Society.
Japna Rishi, co-founder, Hungry Foal said, “We are pleased to welcome Hungry Foal’s family to industry leaders and domain experts. While we need to work to make Hungry Foal a household name in India, awareness of the significance of proteins, nutrients, etc. is definitely growing in the general population. Healthy snacks, however, are priced in such a manner that they stay completely out of reach for the masses – That’s where Hungry Foal comes in.”
In India, the company targets USD 7 billion of snacks with healthy, delicious, economical and highly nutritious substitutes. Its products develop with a deep knowledge of taste preferences and nutritional needs. Hungary Foal’s products, including Energy bars, Muffin, Nut Mixes etc., have all the goodness of vitamins and minerals that have been strengthened by micronutrients and provide a GOOD PROTEIN PROFILE Combination of milk protein, soy protein, wheat protein, oats protein, rice protection, wheat and nuts protein. In contrast to the India’s major health / energy bar brands, Hungry Foal provides comparable nutritional profile in its class & category at nearly half the cost.
The company has previously raised debt funding from State Bank of India (under Standup India Scheme), funding from Angel Investors and GAIL (India) Ltd., and recently won the 2019 Times SheUnltd Entrepreneur Award – Food (Delhi). This is the company’s third round of funding.