Foodtech Startup Hungry Foal has raised the undisclosed sum in its pre-Series A funding round from GAIL (India) Ltd under GAIL’s startup initiative ‘Pankh’. The agreements were exchanged at ‘Startup Sangam’ – an event organized by Ministry of Petroleum and Natural Gas in the presence of Shri Dharmendar Pradhan, Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Govt of India at The Taj Mahal Hotel, New Delhi, INDIA.
The funds will be used for market expansion, technology and production ramp up, the company said in a statement.
A Govt of India recognized “Start-up” (DIPP3645), JV Foodworks Pvt Ltd, is making nutrition tasty, affordable and accessible to all. Hungry Foal, a bootstrapped venture ( the brainchild of Japna Rishi Kaushik & Vivek K Kaushik) , which later went on raising funds from Angels and State Bank of India ( under Stand Up India Policy, Govt . of India ), is all set to be part of USD 0.9 bn kids snacks market in India.
The manufacturing has been underway for last 15 months. From a 6ft X 4ft room, the company moved to its first manufacturing unit, spread across 1,000 sqmt, at IMT Manesar, Gurgaon, earlier this year. All products are developed in technical collaboration with the scientists at SINED – TBI, NDRI, Karnal. Application of latest food tech has helped, Hungry Foal, achieve high quality, good nutrition and taste and that too in an affordable and cost-effective way. Our products ( under the brand name ‘Hungry Foal’ ) are available at approx 35%-40% lower cost ( 25g @ Rs.5 ) in its class and category. All our products are being sold via mom & pop stores (Kirana stores) in Delhi / NCR. Our proven sales and marketing model is resulting approx 25% MoM increase in sales.
India has a “serious” hunger problem and ranks 100th out of 119 countries on the global hunger index — behind North Korea, Bangladesh and Iraq but ahead of Pakistan, according to Global Hunger Index Report (2017). The country’s serious hunger level is driven by high child malnutrition and underlines need for stronger commitment to the social sector. In line with Govt of India’s vision of #MalnutritionFreeIndia, we are aiming for all women & children to be free from nutritional deficiencies in all its forms. All our products meet Govt prescribed nutrition profile & cost norms & future roadmap. This may open up the doors for us to work with govt in coming months.
At Hungry Foal, we believe, “Why should nutritional products/snacks/nutrition be limited to the one who can afford it, why can’t it be a reality for the people who need it most, but, can’t afford it? And, that’s what we are doing at Hungry Foal – Making nutrition tasty, affordable and accessible to all. The day is not far, when in addition to “Education for all”, we’ll have a new slogan, “Nutrition for all”.