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Funds raised in seed round extension
Bengaluru-based startup Goodmylk has raised Rs 7.3 crore ($1 million) in an extension of their seed round. This brings the company’s total capital raised till date to $1.8 million. Investors Jinisha Sharma, Aditya Agarwal (AIprime Nutritions Pvt Ltd), Victoria and Abhishek Shroff, Sustainable Food Ventures, Ice Breakers Technologies Syndicate via Angellist, and Bento Box join existing investors Sid Kothari, and VegInvest Trust who also participated in this round.
The fundraise comes after rapid growth and their expansion to cities Mumbai, Hyderabad, Delhi and Chennai, in addition to strengthening operations in Bengaluru.
The funds raised will be used towards expanding their product portfolio and distribution, in an attempt to make plant-based dairy functional and accessible to all in India.
Research from expert nonprofit Good Food Institute India shows that a large majority of plant-based dairy consumers are health-conscious, highly engaged and informed about their food choices, and continue to consume animal-derived dairy – indicating that these foods will continue to coexist with animal dairy and drive growth for the overall dairy landscape.
Radhika Datt, CFO, Goodmylk says ‘This fundraise signals the increasing acceptance of the plant-based space. Consumers can only make better choices when they are available and that’s what we’re here to do’.