Samosa Party Foods, a snack-focused cloud kitchen platform, has raised funding from angel investment platform Inflection Point (IP) Ventures.
This commitment to Bengaluru-based Samosa Party marks IP Ventures’ eighth investment in the last 90 days and comes as part of the company’s pre-Series A round. The financial details of the transaction were not disclosed.
Samosa Party was founded by Amit Nanwani in 2017, and says it is focused on providing the supply-side solution for samosas – a popular Indian snack.
It will use the capital it has raised to further develop its infrastructure for production, as well as open cloud kitchens across Bengaluru and other Tier-I locations.
“We have been running a profitable business and this funding round further strengthens my belief that good business models can stand tall during downturns,” Nanwani said.
IP Ventures co-founder Ankur Mittal said the investment platform was confident of its bet on Samosa Party because of its market potential as well as the growing focus on hygiene and hygienically made products following the Covid-19 pandemic.
Samosa Party claims that over 80% of its customers in Bengaluru have placed repeat orders with the company, and that it currently serves more than 1.5 lakh samosas a month.
The investment initiative was floated by a group of chief financial officers and finance professionals working at Indian startups.
It was founded in 2017 as a by-invitation-only network. The initiative makes most of its bets at early stage to pre-Series A levels.
It does make some bets beyond the pre-Series A stage as well.
Last week, for example, it led a $5.5 million (around Rs 42 crore) funding round in hyperlocal grocery delivery startup Milkbasket.
Reports in the previous two months have suggested that Milkbasket has been in acquisition talks with the likes of BigBasket and Amazon India.
This month, IP Ventures invested in citizen’s safety technology platform DROR along with the US-based entrepreneur and investor Gopi Latpate.
It also announced a $150,000 (around Rs 1.14 crore) commitment to Edvizo Media Pvt. Ltd, which acts as a marketplace for competitive examination institutes.
In April, it invested $400,000 in edtech firm Pedagogy, which helps students buy books while preparing for engineering and medical entrance exams.
IP Ventures’ portfolio also includes NCR-based digital payments platform Escrowffrr, Kolkata-based rural health-focused startup iKure, and Delhi-based virtual assistant provider Wishup.
