Latest News | Dry Fruits and Nuts Seller Happilo Raises USD 25 Mln from MOPE

Mumbai, Feb 21 (PTI) Snacks brand Happilo on Monday said it has raised USD 25 million (around Rs 186 crore) from Motilal Oswal Private Equity to expand into a newer category.

The 2016-established company is planning to build its 'direct to consumer' healthy snacks business that includes dry fruits, trail mixes, nut protein bars and muesli after the funding, a statement said.

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The company, which had last raised USD 12 million from A91 Partners in February last year, is profitable and claimed to be a category leader that has witnessed a four-times growth in its business in the last two years.

Happilo's promoter and chief executive Vikas Nahar said it is targeting to hit a revenue rate of Rs 2,000 crore in the next four years.

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"Partnering with MOPE will help accelerate our growth plans and significantly scale the business from current levels. Their prior experience of investing and working with category leaders within the food and beverages segment will add significant value,” Nahar said.

Dry fruits segment is an almost entirely unorganized category and Happilo is the fastest growing brand within it, MOPE's managing director and chief executive Vishal Tulsyan said, adding, “As the country increasingly moves online, we believe the digital channels will be a strong enabler for consumer businesses to scale at a rapid pace.”

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)