Spread pioneer ‘Savory” from HealthyMills International Pvt. Ltd raised Rs. 90 lakhs for ‘Savory’ brand in latest funding round

Spread pioneer ‘Savory” from HealthyMills International Pvt. Ltd raised Rs. 90 lakhs for ‘Savory’ brand in latest funding round

Vishal JasaniUpdated: Monday, April 03, 2023, 11:34 AM IST
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Fund raised will be utilized for a brand building, setting up distribution channel and tech R&D

Highlights:

·         The company has raised Rs. 90 lakhs from marquee investors including Mr. Priyank Shah, Avidity LLP and Minting Roots LLP

·         Funds have been raised at an undisclosed valuation.

·         Fund raised through the funding round will be used for brand building, setting up distribution channel, Technology Research & Development and to build a support team

·         Established in 1998, Savory has been one of the top producers and distributors of food items. It consists of foods like peanut butter, instant powdered drinks, coffee, energy drinks, essence/liquid food colours, rose syrup, lemon juice, and dressings

·         The global peanut butter market size was valued at USD 5.7 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028.

·         The Indian Peanut Butter Market is expected to grow at a 14.2% CAGR.

Ahmedabad (Gujarat) [India], April 1: Serving the customers with delightfulness of different flavours of spreads, Bajaj Foods has raised Rs. 90 lakhs in the latest funding round for it’s brand ‘Savory’. The marquee investors include Mr. Priyank Shah, Avidity LLP and Minting Roots LLP who have joined the hands with the promoters to make it world’s most trusted brand in the food products industry. The funds have been raised at an undisclosed valuation. Fund raised through the funding round will be used for brand building, setting up distribution channel, Technology Research & Development and to build a support team.

Commenting on the development, Mr. Gautam Bajaj, Director, HMI Pvt. Ltd., said, “We are overwhelmed with the successfully completion of latest funding round. The investors have entrusted in ‘Savory’ brand for it’s unwavering commitment to quality and the use of the finest ingredients in our food items. We are hopeful that with this funding round, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products. Our focus is on increasing sales volume through expansion and expand geographical outreach. We are to going to invest the allocated proceeds that will help our company to cater to additional markets for our businesses and help in vertical integration of the businesses.”

The global peanut butter market size was valued at USD 5.7 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028. The market growth is significantly bolstered by the increasing health awareness across the globe. The total market size of peanut butter in India has reached USD 97.2 million in FY 22. From 2019 to 2025, the Indian Peanut Butter Market is expected to grow at a 14.2% CAGR. In 2020, India produced about 10 million metric tonnes of peanuts, giving the peanut butter industry a natural advantage. India’s total butter, cheese, and other spread consumption is valued at USD 146.8 million with peanut butter accounting for 6.7% share.

“Savory’s objective is to provide creative and high-quality goods that make our customers feel healthier and better. By providing Savory, with a tasty and protein-rich snack, we hope to eliminate unhealthy snacking habits and protein deficiency in children. Savory Spread range of products are vegan and sustainably produced, making them accessible to more people and good for the environment. Our Savory spreads is a super snack, which is not only delicious, but is also packed with nutrients for a boost of energy. Savory food products are designed to inspire a healthy lifestyle and help people make nutritious choices”, adds Mr. Rishi Bajaj from HMI Pvt Ltd.

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