Kerala-based banana chips brand Beyond Snack has raised $8.3 million in a funding round led by consumer business-focused fund 12 Flags Group.The round also saw participation from Japanese venture capital firm Enrission India Capital and existing investors like Faad Network and agriculture and food-focused early stage fund Nab Ventures.

The funds will be used for expanding into new markets, driving product innovation, and enhancing its supply chain infrastructure.

“Last year, we were just starting out with distribution. Now, around 50% of our revenue is coming from retail, which means our distribution has become much stronger than it was a year ago. Moving forward, we will continue to drive our retail growth even further,” founder Manas Madhu told ET.

The company currently operates in 20,000 retail outlets across areas like Maharashtra, Delhi, and Gujarat, and is looking to expand further into northern and western states, along with southern states such as Karnataka and Andhra Pradesh.

According to Madhu, the startup works with nearly 200 farmers and plans to strengthen its relationships with these farmers while also focusing on expansion.

Founded in 2020 by Madhu, Jyoti Rajguru and Gautam Raghuraman, Beyond Snack produces banana chips in a variety of flavours, which the company claims are made from high-quality ingredients, free from artificial colours and synthetic flavours.While the startup is concentrating on expanding its footprint in India, it is also exploring new international markets. Currently operating in 12 countries, its key markets include the US, Australia, New Zealand, and Dubai.

Its products are also available on ecommerce and quick commerce platforms, with around 40% of its revenue coming from quick commerce channels. Madhu noted that the company has doubled its revenue from FY23 to FY24 and aims to achieve the same growth for FY25, driven by the expansion in retail and quick commerce.

It last raised $3.5 million in funding from the National Bank for Agriculture and Rural Development (Nabard)-backed Nab Ventures in July 2023.

Commenting on the investment, Rakesh Kapoor, founder of 12 Flags Group, said, “Our investment in Beyond Snack is not just about value creation and growth. It’s also about celebrating and promoting one of India’s homegrown brands. We look forward to seeing how this collaboration will drive innovation and sustainability, and bring joy to snack lovers everywhere.”

“Beyond Snack is currently deepening backend integration and streamlining its supply chain, further enhancing its efficiency and sustainability within the agricultural value chain,” said Ashish Choudhury, CIO, Nab Ventures.

Kerala-based banana chips brand Beyond Snack has raised $8.3 million in a funding round led by consumer business-focused fund 12 Flags Group.The round also saw participation from Japanese venture capital firm Enrission India Capital and existing investors like Faad Network and agriculture and food-focused early stage fund Nab Ventures.

The funds will be used for expanding into new markets, driving product innovation, and enhancing its supply chain infrastructure.

“Last year, we were just starting out with distribution. Now, around 50% of our revenue is coming from retail, which means our distribution has become much stronger than it was a year ago. Moving forward, we will continue to drive our retail growth even further,” founder Manas Madhu told ET.

The company currently operates in 20,000 retail outlets across areas like Maharashtra, Delhi, and Gujarat, and is looking to expand further into northern and western states, along with southern states such as Karnataka and Andhra Pradesh.

According to Madhu, the startup works with nearly 200 farmers and plans to strengthen its relationships with these farmers while also focusing on expansion.

Founded in 2020 by Madhu, Jyoti Rajguru and Gautam Raghuraman, Beyond Snack produces banana chips in a variety of flavours, which the company claims are made from high-quality ingredients, free from artificial colours and synthetic flavours.While the startup is concentrating on expanding its footprint in India, it is also exploring new international markets. Currently operating in 12 countries, its key markets include the US, Australia, New Zealand, and Dubai.

Its products are also available on ecommerce and quick commerce platforms, with around 40% of its revenue coming from quick commerce channels. Madhu noted that the company has doubled its revenue from FY23 to FY24 and aims to achieve the same growth for FY25, driven by the expansion in retail and quick commerce.

It last raised $3.5 million in funding from the National Bank for Agriculture and Rural Development (Nabard)-backed Nab Ventures in July 2023.

Commenting on the investment, Rakesh Kapoor, founder of 12 Flags Group, said, “Our investment in Beyond Snack is not just about value creation and growth. It’s also about celebrating and promoting one of India’s homegrown brands. We look forward to seeing how this collaboration will drive innovation and sustainability, and bring joy to snack lovers everywhere.”

“Beyond Snack is currently deepening backend integration and streamlining its supply chain, further enhancing its efficiency and sustainability within the agricultural value chain,” said Ashish Choudhury, CIO, Nab Ventures.