Timla Foods, an online platform for grocery and gourmet food shopping has secured an amount of $2 million in form of debt financing from Anicut Capital.
Anicut Capital is a Chennai-based alternative asset management firm, which basically invests in small and medium enterprises, the popular beer brand Bira maker’s B9 Beverages counts among its prominent investments.
Founded in 2016, Timla Foods is a Hyderabad-based company which makes ready-to-eat popcorn under the brand ‘Popi-Corn’. Timla Foods is a Kae Capital backed company, which has raised over $3 million in debt and equity till now and has its existence across Andhra Pradesh, Telangana, Delhi and Bengaluru.
Since its launch, the company has grown over 35,000 retail touch points in key metros, selling about 150,000 packets every month.
“We have started our expansion on the B2B side. Over the next two years, general trade and modern trade will form about 65% of our revenues, while B2B will form 35%. Cinema halls and Indian Railways are some of the key areas of focus,” said Prashanth Gowriraju, CEO of Timla Foods.
At present, Timla Foods makes a monthly revenue of Rs 5 crore and with this, it aims to make Rs 80-100 crore in revenue in the financial year 2019, as it also expects to strengthen the existing production capacity.
The company has a production facility in Andhra Pradesh that enables the production of popcorn worth Rs 8 crore per month. A second unit is planned to be set up in northern India to cater to the northern markets.
The foodtech market is on hype these days. With the increasing demand for online shopping, the tech companies are also gearing up to cater to the needs of the people.