Delhi-based food brand offering natural peanut butter, Happy Jars, on Wednesday announced that it has raised Rs 3 crore in its seed round led by Inflection Point Ventures.
Started in 2018, it is the 8th deal of IPV for 2021 , who are likely to invest Rs 155 crore this year across 60 plus startups.
According to the press statement, the fresh funds raised will be used to launch new flavours, scale operations, build brand awareness and expand distribution to Tier I and Tier II cities, including Mumbai and Bangalore.
Speaking on the investment, Vinay Bansal, Founder and CEO, Inflection Point Ventures said,
“As health and immunity take centre stage in our lives, customers are making their choices clear. They want rich nutrition and low-in-sugar food options. Happy Jars is meeting these expectations, and the impact of this trend is showing the way forward for brands who are true to their ethos.”
“We found their approach of entering one category – Nut Butter in this case and rolling out various flavours while retaining nutritional value of the ingredients, an attractive proposition to invest in,” added Vinay.
Co-founded in 2016 by the couple Surabhi Talwar and Vikram Sekhar in their home kitchen, Happy Jars is a clean-label food brand that uses simple, real food ingredients without the addition of any oils or preservatives in its products. The range of products includes natural peanut butters in unique flavours which are available online across all major ecommerce sites as well as in over 200 retail stores in Delhi/NCR.
The startup claims to have scaled nationally, and has acquired 1 percent market share of the Indian peanut butter market, standing at Rs 250 crore today.
Commenting on the new development, Surabhi Talwar added,
“At Happy Jars, we focus on making products that are so delicious that you’ll eat them every day. Our natural, good-for-you ingredients ensure that you’re eating the right things, and this combination is the magic behind a healthy lifestyle. We are delighted to have Inflection Point Ventures partnering us on our journey. Their mentor and investor network is strong and offers guidance that is invaluable for a startup that is scaling.”
“The brand serves approx. one lakh customers every year, and is operationally profitable. Among its target audience, Happy Jars is already a category leader with a 30 percent market share in modern trade stores with a loyal repeat customer base. The business grew 200 percent during the pandemic and is growing at CAGR 6 times the category,” mentions Surabhi.