Bengaluru-based Samosa Singh on Friday announced that it has raised $2.7 million funding in series A round driven by SheCapital, along with its esteemed existing investors Fireside Ventures. In the funding round, Early-stage fund Equanimity Investments, Japan-based AET Fund, and the AL Trust participated as well.
The latest funding money will be utilized by the company to expand its operations, amplify its production capacity and expand presence across cities. Currently, the company is working to launch a cloud kitchen model, which is a delivery-only kitchen format.
Samosa Singh was set up by Shikhar Veer Singh and Nidhi Singh in 2020 as a food startup providing local snacks and beverages such as Samosa, kachori, chat, tea, and sodas. The company is mainly putting all possible efforts to target India’s massive food market estimated to cross $540 billion by 2020.
“India is about to enter in the next leap of great consumer brands. Samosa Singh has launched a nostalgic Indian snack and developed a rich buying/consuming experience that is in line with millennials’ habits,” said Vinay Singh, partner, Fireside Ventures.
Samosas offered by The Samosa Singh are 56% less in fat than the usual samosas that are being sold in the local market. The company has expanded its product portfolio by adding items like kadhai paneer samosa, achaari murg samosa, and chocolate samosa.
Samosa Singh currently has outlets in Bengaluru and Hyderabad with intentions to expand into other cities across south India. Since its founding, it has joined hand with many brands such as INOX, PVR Cinemas, Café Coffee Day, and others.
According to a 2019 report by CARE Ratings, 75%-80% of the organized segments are captured by the quick service restaurants (QSR) and casual and fine dining restaurants, followed by cafes, bakeries and pubs, clubs, bars and lounges accounting for about 8%-10%, and institutional catering and kiosks with a 13%-15% share in the organized market. The above figures show that India has a massive food market—it was pegged at US$193 billion, and Samosa Singh is targeting that market.