CCube AngelsNetwork, Singapore based angel investing network has invested in Inner Being Wellness Pvt.Ltd (hereinafter referred to as InnerBeing),a Nutri-food start up based out of Hyderabad. The start-up has received INR 35 million (SG $6,90,131) from partners, Atim Kabra, Vipin Agarwal and Sandesh Pandhare and few others.
Inner Being plans to use the funds raised in the current round for new product development, expansion in top tier cities in India and few other countries, marketing activities and aims to build India’s trusted healthy lifestyle brand in the breakfast and snacks space. The recent round comprises of some prominent investors from USA, UAE, Singapore & India, including an ex-board member of ITC Group.
C S Jadhav, Director, InnerBeing elaborated the vision of the company is to promote a healthy lifestyle among consumers by providing nutritious food optionswhich are tastier than currently available unhealthy and junk food options.Inner Being is introducing traditional foods like millets, quinoaand other ancient grains in more contemporary formatsthat appeal to the modern generation such as breakfast mixes, snack mixes, savory snacks, crackers, cookies, energy bars and the like.
Atim Kabra, Director, Frontline Strategy which manages CCube Angels Network, said “we have a strong belief that Nutricereals will be the next smart food and specially millet, being a dry land crop, will improve livelihoods at the rural level and at the same time offer nutritious products to the urban consumers. We believe that there is a big market for the company’s products in India & beyond.”
Inner Being’s key competencies have been innovation of the “health-enriched” food developed through its R&D where the focus is on launching Nutri-foods that are rich in plant protein, rich in dietary fibre, gluten-free, low in glycaemic index (GI), natural and pesticide free.
Inner Being is the first company to be incubated by a-IDEA, a Technology Business Incubator(TBI) hosted by ICAR-National Academy of Agricultural Research Management, Hyderabad (ICAR-NAARM) & Department of Science & Technology, Govt. of India (DST, GOI), and it also received the initial seed funding under the start up initiative. The company has technical tie-up with Indian Institute of Millet Research, Hyderabad (IIMR) for developing value added products in the Nutricereals Innovation Centre.
The company has successfully launched several millet based products like Jowar Idli, Jowar Upma, Ragi Malt, Jowar Flakes, Millet Cookies in Hyderabad and is now expanding to Delhi and Mumbai this year, and aims to expand to 10 cities in couple of years. The company willshortly introduce a range of new mixes such as Quinoa Porridge, Millet & Nut Cake, Gluten-free Pizza, Millet Pancake which will cater to health-conscious consumers.
Last year in May, Hyderabad-based Health Sutra raised undisclosed amount from Ankur Capital and Hyderabad Angels. HealthSutra is also an emerging brand focused on the nutritious food segment with millet based products.
In September of same year, healthy food restaurant chain, Sattviko raised an undisclosed amount of funding from existing investor Nasscom chairman Raman Roy along with a group of investors.