Venture capital-backed TagZ Foods, a Bengaluru-based snacking brand, on Wednesday said it has launched Community Stock Option Plan (CSOP) through which consumers can invest in the company.
The company said funds raised from CSOPs will be used towards the expansion of its product line, production capacity and strengthening its distribution to other cities in the country.
The CSOP has been oversubscribed 156% in two days with close to a thousand consumers having invested in TagZ Foods, CSOP is currently live in fintech platform Tyke, the statement said.
Recently TagZ Foods closed an investment from the Shark Tank India show and since then TagZ said it has witnessed a major spike in sales. Last year in April, it had raised $500,000 in pre-Series A funding from Dexter Angels, Agility Ventures, Venture Catalysts, Dharamveer Chouhan, Co-Founder of Zostel, Dhruv Toshniwal, Co-Founder of The Pant Project and Arjun Vaidya, Co-founder of Dr Vaidya’s among others.
Founded by Anish Basu Roy and Sagar Bhalotia in 2019, TagZ Foods is among the first brands in India to use the manufacture popped potato chips where the chips contain 50% less fat. It also offers gourmet dips and a range of premium bar snacks.
Roy has worked with brands like Nokia and Coca-Cola in various sales and marketing leadership positions across Asia. Prior to TagZ, he had co-founded and was the CEO of retail distribution platform Shotang, Bhalotia is an IIT Bombay alum, with over seven years of experience across startups like Zovi.com, Freshmenu, HealthifyMe, Oyo, and Quikr.
TagZ said it has been registering a growth with a 30-fold increase in volumes. It has over 30 online partners and has a presence in over 2,000 offline stores. to date, it has sold 40 lakh units of products. TagZ uses omni-channel model, ecommerce and hyperlocal channels such as Swiggy Instamart, Amazon, Bigbasket to sell its products.