Funding
The Health Factory raises $3.5M in seed funding led by Peak XV’s Surge
The Health Factory, a health-focused bread brand, has raised $3.5 million in seed funding led by Peak XV’s Surge.
“We are thrilled to have the backing of Peak XV’s Surge along with Kartik Mehta, Ali Tambawala, and Sunil Tulsiani as we enter our next phase of growth. This investment will enable us to disrupt additional markets with our health-focused offerings. We have received interest from numerous Tier I and Tier II cities, and this funding will allow us to expand our reach to more pin codes, ensuring our products are accessible to more consumers seeking healthier options,” Vinay Maheshwari, Founder of The Health Factory, said.
With a 65X increase in sales over the past 24 months, the company plans to broaden its retail presence through both modern and traditional trade channels. The investment will also enhance logistics and operational technologies to streamline their processes, ensuring smooth scaling.
Founded in 2018 by Vinay Maheshwari, Mohit Sankhala, and bakery expert Jos Vast, the company makes preservative-free products, including Protein Bread, Vegan Protein Bread, and zero maida bread.
Available in major cities like Mumbai, Delhi, and Bengaluru, the brand aims to address the growing demand for healthier bread options.
KRAFTON opens second cohort for its gaming incubator in India
KRAFTON India, the creator of BGMI, has opened applications for the second cohort of its KRAFTON India Gaming Incubator (KIGI) programme.
Following the success of its first cohort, which includes teams like ReDimension Games and Shura Games, KIGI aims to incubate 6-10 new teams.
The programme offers financial support, ranging from $50,000 to $150,000 per team, along with mentorship from KRAFTON’s global industry experts.
With over 300 applications received for the inaugural cohort, KIGI aims to further nurture game development talent in India.
The second cohort will provide enhanced technical support and foster collaboration, with applications open from October 1, 2024.
Other news
Groyyo bolsters leadership with 2 new appointments
Groyyo, a cross-border manufacturing and supply chain enablement platform in the fashion and lifestyle industry, has bolstered its leadership with two key appointments.
Smita Verma Kansal, former SVP and founding member of Geniemode, has joined as chief business officer in Abu Dhabi, bringing 26 years of experience in sourcing, negotiation, and management across multi-product categories. She will focus on expanding Groyyo’s partnerships with marquee international brands like Mango, Next, and Inditex, while growing the company’s exports to the US.
Additionally, Alessandro Bertini, appointed Vice President – Commercial, brings extensive experience from working with brands like MANGO, Massimo Dutti, and Zalando.
In a statement, Co-founder and CEO Subin Mitra highlighted the company’s growth, noting that gross margins reached 15% in FY24. Founded in 2021, Groyyo has empowered over 500 manufacturers in 175+ product categories across ten countries.
(This article will be updated with the latest news throughout the day.)
