Skippi Ice Pops Raises Rs 10 Crore in Funding
May 28, 2024 18:06
Skippi, an ice pop brand, secures Rs 10 crore in pre-series A funding led by Hyderabad Angel Network and Venture Catalysts. The company plans to use the capital for brand building, marketing, and new product development.
New Delhi, May 28 (PTI) Skippi, an ice pop brand, on Tuesday said it has raised Rs 10 crore in a Pre-series A funding round led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs).
Besides, the company is in discussions to raise an additional Rs 7 crore in the coming weeks, according to a statement.
"The capital will be primarily allocated to brand building and marketing initiatives, with a focus on enhancing working capital, driving new product development, and hiring key leadership personnel for the next phase of growth," it said.
Launched in 2021, Skippi is available in over 20,000 outlets nationwide and through major online platforms.
Its monthly revenues have increased 80 times from initial figures of Rs 5-7 lakh since appearing on Shark Tank Season 1.
The company, which aims to reach a Rs 100 crore valuation, has expansion and innovative product offerings, including the recent introduction of cornsticks and cream rolls.
"With this money, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team," Skippi CEO and Co-Founder Ravi Kabra said.
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