Skippi Raises Rs 10 Crore in Pre-Series A, Plans to Raise Additional Rs 7 Crore
Hyderabad, 28th May 2024– Skippi, India’s leading ice pop brand and a standout from Shark Tank India Season 1, is thrilled to announce that they have raised Rs 10 crore Pre Series A round led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs). The round also saw significant participation from Soonicorn Ventures, HEM Securities, and several angel investors. Skippi is in discussions to secure an additional Rs 7 crore in the coming weeks. 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.
Launched in 2021, Skippi’s is a leading ice pops brand and are available in over 20,000 outlets nationwide and through major online platforms such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. The company’s expansion and innovative product offerings, including the recent introduction of cornsticks and cream rolls, aim to reach a Rs 100 crore valuation and bring joy to families across India.
Skippi bagged investments from Shark Tank India Season 1 from all six sharks – Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal – who collectively invested Rs 1.2 crore for an 18% equity stake. Since then, Skippi’s growth has been nothing short of remarkable, with monthly revenues soaring 80 times from their initial figures of Rs 5-7 lakhs.
Ravi Kabra, CEO and Co-Founder of Skippi said, “This funding is a big step for Skippi as we work to become a top FMCG brand in India. We are very thankful for the support from our investors, including our valued sharks. With this money, we will focus on building our brand, creating new products, and bringing in great talent to our leadership team.”
Pradeep Dhobale, Vice chairman and lead investor, Hyderabad Angels said,“Skippi has demonstrated that there are vacant spaces available for startups in FMCG Foods, even though the category is dominated by large multinationals and domestic players. HA appreciated the founders with not just the global experience in consumer marketing but also with unique consumer insights. Alignment with founders’ vision and clarity on path to profitability clinched the deal.”
Commenting on the investment, Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts ++, said, “Venture Catalysts invested in Skippi Ice Pops, capitalizing on the rapid growth of India’s frozen dessert sector, which is expected to reach USD 2.4 billion by 2027. Their strong brand presence and rapid growth make them an attractive investment opportunity. This strategic move aims to boost Skippi’s market presence and innovate within a booming industry driven by rising disposable incomes and changing consumer preferences.”
As Skippi continues to grow, it remains committed to its mission of bringing fun and excitement through its diverse product range. The company aims to expand its presence further and positively impact the FMCG landscape in India.