Delhi-based Khoya raised $750,000 in a pre-seed funding led by chef Ritu Dalmia’s Riga Foods where other investors like Priya Paul also participated.
Khoya creates and sells premium traditional mithai and luxury confectionery products directly to customers. Luxury mithais, a relatively new concept introduced about five years ago, can range in price from 20,000 to 30,000 per kilogramme.
The funds will be used to develop new products and expand into new categories of related consumer products, according to the company. It plans to expand its retail presence in other Indian metropolises and enter international markets.
The company competes with Gur Chini, Arq Mithai, Meethi, Bombay Sweet Shop, and others, and sells its products online as well as in some retail locations and hotels.
Khoya, according to the company’s founder Sid Mathur, was founded in 2016 with the goal of making mithai ‘exciting again’ by using natural ingredients, and each piece is carefully handcrafted, tastefully arranged, and beautifully packaged. According to the company, its clients include Louis Vuitton, Cartier, Good Earth, Lexus, and others.