- Samosa Party raises an undisclosed amount in Pre-Series A round
- 8th investment by IPV in the last 90 days
- Funds raised to be used for scale up and setting up Cloud kitchens
- Cloud Kitchens to be set up across Bengaluru and other tier 1 cities
- Samosa Party has scaled to serving 1.5 lakh samosas per month
Chennai, NFAPost: Despite the hardships during these trying times, snacking startup Samosa Party has raised an undisclosed amount in Pre-Series A round.
Angel platform Inflection Point Ventures has invested in the startup. This marks IPV’s 8th investment in the last 90 days, since the Corona virus outbreak began in the country.
Inflection Point Ventures is an initiative of CXOs and Angel Investors. Started in 2018, IPV has invested more than Rs 100 crore across 35 startups. IPV’s investors’ base is currently at 1,600 seeing a massive influx of highly accomplished CXOs and HNIs who are looking to invest in startups with rational valuation and sustainable business model.
IPV has been investing in startups in sectors like health tech, ed tech, delivery, online grocery and social distancing tech to help companies working in these areas scale up and eventually create a large-scale impact for helping people in managing the COVID situation.
“IPV is thrilled to be joining hands with Samosa Party and back its growth journey. Samosa Party has grown tremendously over the past couple of years and has risen to amongst the top brands for Indian snack food in Bengaluru. In a post-COVID world of increasing focus on hygiene standards, startups like Samosa Party will be relevant as customers would trust hygienic and professional managed brands to serve them food with safety being the guiding force from kitchen to table,” Inflection Point Ventures Co-founder Ankur Mittal said.
“The company continued to see business growth even during the lockdown and we want to back such companies. We believe our vast investor base will provide an impetus to Samosa Party’s growth by helping forge partnerships. IPV investors are totally behind the startup’s vision of elevating the humble Indian Samosa and taking it to the world and look at Samosa Party as a company with the potential to build global businesses like Dunkin Donuts and Auntie Anne’s,” he added.
Samosa Party was launched with a mission to make good quality samosa accessible to customers across all channels in a hygienic and trustworthy environment. It operates by solving the supply side problem with the production and consumption of samosa at scale using technology.
With best customer repeat rate and hitting revenue targets even amid lockdown, Samosa Party has scaled to serving 1.5 lakh samosas per month. It combines the traditional cooking processes to solve the problems of scale using food technology and production innovation at every stage.
With a robust technology first mindset and extreme focus on customer experience, the brand sees a very healthy unit economics.
“We appreciate the digital first approach of IPV for pitch and all further discussions. It was fast and efficient and we were guided by industry veterans. They understood our vision and took time to help us articulate it further. We have been running a profitable business and this funding round further strengthens my belief that good business models that can stand tall during downturns will have no shortage of funds with credible investors like IPV backing us,” Samosa Party Co-founder Amit Nanwani said.
Samosa Party intends to utilise these funds to set up the infrastructure for scale, open cloud kitchens across Bengaluru and other tier 1 cities. Also, they look forward to improving their unique production technology, and at present, claim to run the leanest and the most productive cloud kitchen at Rs 8,000 per sq ft.
The Indian snack market is pegged at Rs 42 lakh crores and 65% of this is completely unorganised. With rising concerns around hygiene and well-being, customers will opt for branded and dependable food brands. With Indians consuming 2.7 times snacks compared to 2.3 times meals, Samosa Party taps this space to reach every corner of the country.
Samosa Party was founded by Amit in 2017 with a mission to make good quality samosa accessible to customers across all channels in a hygienic and trustworthy environment. The product USP includes freshly fried samosa in 14 different varieties. Since inception the brand has become the go-to snack solution in Benglauru for personal consumption and groups and gatherings alike with more than 80% customers ordering again.