Wholsum Foods raises USD 7 mn from Dubai wealth fund, Fireside Ventures

Millet-based food start-up Wholsum Foods, which sells children's food brand Slurrp Farm, has raised USD 7 million led by Investment Corporation of Dubai, which is the sovereign wealth fund of the emirate, and existing investor Fireside Ventures.

The fund will enable Wholsum Foods to ramp up product innovation, marketing activities and increase global footprint, the start-up said.

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Fireside Ventures, which is a multi-stage venture fund, had made the initial investment of USD 2 million in the company last year.

Meghana Narayan and Shauravi Malik, the two young moms who co-founded the company in October 2016, and are co-CEOs now, said they are clocking in over Rs 50 crore of revenue run rate now.

The company has a target of making it to on Rs 500 crore by 2025, they said.

The brand expanded into the UAE and is looking to grow its offline and online presence in the region.

Wholsum had initially raised USD 1 million from over 20 angel investors, including Rakesh Kapoor (former CEO of Reckitt Benckiser), Sanjeev Bikhchandani (founder of Info Edge), Ashish Dhawan (founder of Central Square Foundation), and Aditya Ghosh (ex-CEO, Indigo and now on board Akasa Airways), among others.