Mumbai: Mumbai-based start-up Chefs Basket is planning to raise $20 million from investors to expand into new food categories in the ready-to-cook segment. Having raised $6 million from Saif Partners and India Value Fund Advisor’s partner, Harish Chawla, it is now ready for another series of fund raising as it enters new categories such as dips and sauces, apart from its pas-ta and noodle kits.
Varun Jhawar, co-founder, Fizzy Foodlabs, which owns Chefs Basket, said: “By early next year, we should be ready to raise $20 million as we want to have more food in the convenient format in the FMCG segment.”
Besides, it is also launching a kid series under its ready-to-eat offerings, with lower price points at Rs. 49 compared to Rs. 75 to Rs. 99 for its ready-to-cook kits in pasta and noodles. Aggregating base commodities to drive convenience into cooking pasta and noodles primarily, Chefs Basket is now expanding its food basket with an eye on the export market.
Taking the example of inter-national departmental storeled brands like Waitrose and Whole Foods, which have their own food offerings, the two-year start-up expects the Indian food market to skip a few steps and accept such products. “We expect the Indian food market to develop fast and move from commodity-led products directly into convenient formats like ours which can be part of a department store like what is offered in Waitrose in the overseas market,” he added.
In fact, players like Delmonte (through its JV with Bharti) is also experimenting under a similar format under pastas and even other start-ups like I-Chef have launched fresh ingredient-led products in the ready-to-cook category. Chefs Basket claims to have a 30 per cent share in the ready-to-cook category with presence across 14 cities. It is now targeting the export market with products like tandoori and curry sauces. “We already have sales of about Rs. 2 crore in a month but now we want to take our products to the overseas markets. While we launch world foods for India, we also want to take India to the world,” he added.
