Ashish Kacholia and Asian Paints Promoter Group lead funding round that will help the brand expand in domestic markets while growing its global footprint across Africa and Middle East
New Delhi, February 12, 2024: Chef Crafted Instant Food Brand, Yu has raised INR 20 CR in a follow-on Series A round following its last fundraise in November 2022. The round was led by renowned public market investor Ashish Kacholia and Asian Paints Promoter Group (Manish Choksi, Varun Vakil). With this round of capital, Yu will look to scale-up its manufacturing capacity while entering multiple product categories and segments.
Yu is among the few D2C brands that successfully penetrated multiple distribution channels including offline (6,500+ stores), online (E-Com and Q-Com servicing pan India), institutional segments and exports. The brand will look to consolidate its presence and setup a nationwide distribution network within the next 12 months. Apart from ramping up its domestic distribution, Yu will solidify its presence in South Africa where it has built a nationwide presence (2000 stores) in a short span of time.
Founded by Bharat Bhalla and Varun Kapur, Yu is re-imagining packaged foods with 100% natural ingredients, making them as close as possible to freshly prepared foods. The brand started with instant bowls in 2021 and has since expanded to ready to cook noodles, pastas as well as natural beverages. The brand launched its maiden 100% Natural Coconut Water last year and will look to strengthen its beverage portfolio this summer. The brand is witnessing significant business traction having achieved over 200% growth QoQ on the back of sales of 1.5 million units in Q3-FY24 (Oct-Dec 2023).
Sharing their excitement, Founders Bharat Bhalla and Varun Kapur jointly expressed, “It is extremely motivating to see our existing, highly eminent investors double down on us. Since the last fund raise, Yu has grown exponentially having deepened its penetrated in the Indian market and opened up several export markets like South Africa where Yu now has a nation-wide presence. It is extremely heartening to see a young Make in India brand successfully selling its products in global markets like South Africa, Middle East and Australia. The funds raised will allow us to augment our manufacturing capacity and grow our distribution in India and globally.”
Apart from Ashish Kacholia and Asian Paints Promoter Group (Manisha Choksi, Varun Vakil), Yu counts Indian cricketer Hardik Pandya, Sameer Mehta (Founder of Boat), Srikrishna Dwaram (Partner, True North Private Equity), Nikhil Srivastava (PAG Private Equity) and DPIITs Start Up India Seed Fund among its investors.