TABP Snacks and Beverages, which leads food brand Tanvi Foods, raised INR 20 crore in Pre-Series A led by LC Nueva AIF and angel investor Arun Mukherjee where angel investors including Koushik Chatterjee of Tata Steel, and Aniruddha Sarkar of Quest Investment, among others also participated.
TABP sells a variety of snacks and cold drinks for INR 5 to INR 10. The new capital will be used to expand into new markets, strengthen research and development activities, and increase production capacity. According to a Statista report, the country’s food market is pegged at $963.6 Bn in 2023. The market is expected to grow at a CAGR of 7.23% during 2023-2027.