Exclusive: Healthy-dining startup Sattviko gets angel investment
Healthy-dining restaurant chain Sattviko has raised an undisclosed amount of angel investment from a clutch of investors led by Raman Roy, founder of Quattro Global Services, a top company executive told VCCircle.
Angels who participated in this round include Ashish Gupta, former CEO of Evalueserve, Vinnie Mehta, executive director at ACMA, Yogesh Andlay, founder of Nucleus Software Ltd, Kevin Freitas, HR leader at Inmobi, N Ravikiran, former head of product at Wipro, G Ravishankar, former CEO of Jet Airways and former CFO at GE Healthcare, Gaurav Khurana, a Microsoft employee, and Vaibhav Jain, founder of Swastika Company.
The investment will be used for the expansion of the company's ethnic packaged food products business.
Clip Financial and LetsVenture facilitated the deal.
The company, run by Rays Culinary Delights Pvt. Ltd, which was founded in 2013 by IIT Roorkee graduates Prasoon Gupta, Ankush Sharma and Rahul Gupta, runs quick-service restaurants and plans to launch its first fine-dining restaurant in Jaipur. The company introduced its delivery service in February last year.
In February last year, the company had raised $115,000 from investors like CommonFloor.com's co-founder Sumit Jain, Xerox India's MD Rajat Jain and Samsung's Network Business VP Sanjay Bhasin. Before that, the firm raised angel investment from a group of individuals in 2014.
"Sattviko will launch an IoT-based healthy snack vending machine for corporates to promote health snacking among employees," said Prasoon.
Sattviko says it offers 'Sattvik' food, which is made without onion and garlic. It serves continental, Indian and Mexican meals, salads, munchies, desserts and beverages. The company also has an online marketplace where it sells Yoga and Ayurvedic products.
The company claims to have become operationally profitable in July, and has also expanded to Gandhinagar in Gujarat. Its other outlets are in Delhi, Jaipur, and IIT Roorkee.
In August, Sattviko had acquired Delhi-based packaged food maker FYNESuperfood for an undisclosed amount to boost its packaged products business. Prior to that, it purchased food delivery startup Call A Meal for an undisclosed amount in November 2015.
In the packaged food segment, Mumbai-based packaged food startup Yumlane raised nearly Rs 6.6 crore in a seed round of funding led by Flipkart co-founder and CEO Binny Bansal in August.
*This article has been modified to update the name of the investors.