Vadodara-based All That Dips Pvt. Ltd, which offers preservatives-free dipping sauces, has received an undisclosed amount for its pre-Series A funding round from early-stage venture capital firm GVFL Ltd, formerly known as Gujarat Venture Finance Ltd.
The firm, which manufactures a variety of dips that include salsa and hummus, will use the funding for geographical expansion and launch newer products in the healthy snacks category, it said in a statement.
In November 2018, All That Dips had made a fundraising pitch for a pre-Series A round to a jury of investors at News Corp VCCircle’s Food and Agri Investment Summit 2018 held in Mumbai.
The company was launched in March 2017 by Deep Lodhari, an MBBS graduate, and Dhaval Patel, who studied management. Both Lodhari and Patel had earlier worked with Gujarat-based Ami Biotech Pvt. Ltd.
Dips’ products are available in over 200 stores across Gujarat and cities such as Mumbai, Pune and Bengaluru.
J R Laddha Financial Services Pvt. Ltd advised the company on the fundraising.
GVFL is one of the oldest venture capital firms in the country. It has raised eight venture capital funds over the past two decades and has backed more than 85 companies. Early this year, it backed agri-tech startup FreshVnF along with Equanimity Ventures.
Peers
Another speciality food ingredients maker Veeba Food Services Pvt. Ltd has recently raised fresh capital from one of its existing investors, Belgian private investment firm Verlinvest SA.
Several large deals have been reported in the broader food and beverage segment lately. US-based Tiger Global Management recently forayed into India’s quick-service restaurant segment by leading a Series B funding round worth $23 million in Wow! Momo.
In another development, Sapphire Foods India Pvt. Ltd acquired the stake it didn’t already own in a franchisee of Pizza Hut and Delifrance in north India and Sri Lanka.