Mumbai-based homemade snacks startup PatilKaki recently raised an undisclosed amount in funding led by the angel investing network Cap70 Angels, with participation from serial entrepreneurs Agnelorajesh Athaide and Kailash Biyani.
Enhancing sales and distribution networks
According to the startup, the raised capital would be utilized to enhance its sales and distribution networks, scale up its operations, and optimize its marketing strategies.
“We feel humbled by the faith bestowed upon us by our lead investors and this further strengthens our resolve of serving our customers homemade snacks with love. The latest milestone has opened up a new world of possibilities for us,” said Vinit Patil, Co-founder, PatilKaki.
Specialising in homemade snacks
Patilkaki was founded in 2020 by two college dropouts – Vinit Govinda Patil and Darshil Anil Savla, and Vinit’s mother Geeta Govinda Patil, PatilKaki has carved a niche in the Indian snack market.
The startup specializes in a variety of homemade Indian snacks and sweets, such as ladoos, puranpoli, chakli, modak, and namkeen, all made without preservatives or added flavors.
While the startup sells its products through its website, the products are also available on ecommerce platforms like Amazon and Meesho, the release notes.
Patilkaki’s Shark Tank India investment
PatilKaki gained further recognition after featuring in Shark Tank India, Season 2, where it raised interest from notable Sharks.
During the show, the founders of sought Rs 40 lakh in funding for a 2.5% equity stake, valuing their company at Rs 16 crore. Previously, the startup had raised Rs 7.5 lakhs at a valuation of Rs 10 crores, followed by another Rs 29 lakhs at the same valuation.
Notably, the Patilkaki team received multiple investment offers from the Sharks. Anupam and Peyush proposed Rs 40 lakhs for 4% equity at a valuation of Rs 10 crore. Veenita offered Rs 40 lakhs for 10% equity, putting the valuation at Rs 4 crore.
Aman initially offered Rs 40 lakhs for 5% equity, valuing Patilkaki at Rs 8 crore, but later revised his offer to Rs 40 lakhs for 4% equity.
Ultimately, Patilkaki accepted Anupam and Peyush’s offer, securing Rs 40 lakhs for a 4% equity stake, which valued the company at Rs 10 crore.
The current landscape of the Indian snack market
The Indian snack market, valued at $66.92 billion in 2023, is expected to grow annually at a rate of 9.01% (CAGR 2023-2028). PatilKaki competes with known brands like Happilo and TagZ.
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