Matrix, Sauce VC back with $1 million round
Matrix partners and Sauce VC have teamed up to invest $1 million in &Me, a food and beverage brand founded by Stanford business school alumnus Ankur Goyal.
The investors have subscribed to new shares in &Me’s parent company Merhaki Foods and Nutrition, RoC filings show. Bengaluru-based &Me manufactures food products and beverages exclusively for women that serve their health, nutrition and fitness needs.
Its products include liquids that relieve PMS symptoms such as cramps and also provide relief for patients suffering from polycystic ovary syndrome. “We are determined to solve many such challenges for women in the most convenient, healthy and tasty formats,” Goyal said.
This is Matrix’s second investment in the company after it led a seed round in August last year. “&Me’s core differentiator lies within its exceptional product and brand positioning that targets urban Indian women whose daily lifestyle denies them benefits of essential micronutrients,” Matrix India’s vice president Sanjot Malhi said.
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Matrix’s estimates place the size of the functional foods and beverages market in India at $1 billion. Sauce VC is a consumer-focused fund launched by former 3i private equity executive Manu Chandra who has been an early backer of companies such as yoghurt maker Epigamia, in which French dairy giant Danone recently bought a stake.
I will use the new funding to expand its team and scale operations nationally apart from widening its product offering. Its products are currently distributed through modern retail chains in southern India such as Nilgiri’s Godrej Natures Basket and Namdhari. The products are also sold online through e-commerce sites such as Amazon.
Goyal, who has previously worked with consumer brands like Nestle and PaperBoat, launched &Me two years ago. Matrix manages $1 billion of investments in India. It has been an early investor in several markets leading companies such as Ola, Quikr, Daily hunt, Treebo, Razorpay and Zip loan.
Article Source: economic times
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