Yu has developed a range of 15 products across Noodles, Pasta, Oats and Halwa categories.
Yu has raised the amount through equity and debt to double its capacity and scale up its existing offline-online distribution in India while continuing to expand its global footprint in markets such as Africa, the Middle East and the Americas.
Instant meal bowl company Yu, owned by Ikayu Foodlabs Pvt Ltd, has received a Series A funding of ₹20 crore from independent investor Ashish Kacholia, a mix of equity and venture debt. The round also saw participation from existing investors, Asian Paints promoter group Manish Choksi and Varun Vakil.
With the funding, the company said it will double its capacity and scale up its existing offline-online distribution in India, while continuing to expand its global footprint in markets such as Africa, the Middle East and the Americas. The current round of funding also saw participation. Startup India Seed Fund scheme from DPIIT, which approved the u under its ₹945 crore program that funds tech-enabled start-ups, it said.
The company, founded by Bharat Bhalla and Varun Kapoor, said it has developed a range of 15 products across Noodles, Pasta, Oats and Halwa categories. It also works with SpiceJet and Akasaka Air airlines.
The company said in a statement that it is seeing significant customer traction, with over 200% growth on a quarterly basis.
Bharat said, “Receiving a solid vote of confidence from a diverse and highly reputed group of investors within 1 year of the start of our business has been encouraging and motivating. Their experience will enable us to expand our offline/online distribution in India Will allow production capacity to increase to more than eight million meal bowls per year.
“The next 12 months will see us aggressively expanding our presence in global markets such as the Americas, Africa and the Middle East. Additionally, it gives us the ability and resources to enter alternative channels such as Airlines, Railways, Hospitals, Universities and Defense Services, where our 100% natural food bowls are really disrupting this segment. Kapoor said.
The company currently has a 24,000 sq. ft. facility in Gurugram and approximately 100 employees. It recently forayed into the non-vegetarian category as well. It is now planning to launch 10 more products in the next 12 months to complement its existing product portfolio.
According to analytics website Statista, the revenue from the ready-to-eat food segment is expected to be $56.93 billion in 2022. The market is expected to grow at an annual rate of 9.59% (CAGR 2022-2027) in the country. By comparison, the highest revenue is generated in China, estimated at $122.40 billion in 2022.
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