Snackible, a Mumbai-based healthy snacks brand has raised $175000through angel funding. A clutch of individual investors and high-net-worth individuals (HNIS) led the funding
The list of investors includes Nibhrant Shah (founder of Isparva and Themis),Anandbir Singh (founder of Anandini Financial Services), Anirudh Sheth (founder of Wealth Whispers), Pratik Singhi (CEO of Lakshya Consulting), Jitendra Mahnot (CEO of Startech Engineers India) as well as Mastercard executives Vikram Mehta and Murali Nair.
Aditya Sanghavi, Founder of Snackible, said,“The funds will be utilized to expand our distribution networks across the country, invest in hiring the right talent, focus on marketing and launching new categories of products targeted to the mass market. We are also in the process of launching the brand in a 2 international markets”
Founded in May 2015, Snackible aims to make healthy snacking tasty, convenient and affordable. Snackible has also re-launched its website with a new and better user experience. Commenting on this, Aditya said,”We found that there was a dearth of snacking options which provided an optimum mix of health, taste and affordability”. Snackible has 26 varieties of health snacks including products likeCream and Onion Whole-Wheat Thins, Flavoured Makhanas (roasted fox nuts), Dark Chocolate Ragi Cookies, Ready-to-eat Whole-Wheat waffles and Baked Bhakarwadi.
Snackible started operations as a health snack delivery service through subscription and a la carte modes. It now sells through multiple online and offline channels, including their own website, online marketplaces, offline retail and institutional channels.
When asked about the sales, Aditya commented, “We are currently selling at about 650 points of sale across the country. It is expected to reach around 2,000 by the end of this year.” Adding to that he also mentioned, “We will be introducing a diabetic-friendly snackline very soon”
At present, Aditya claims to have 25,000 customers. Snackible delivers their products to customers in 160 cities through courier and parcel services when ordered on their website. On an average Snackible receive 40 t0 50 orders a day on their website. Snackible tries to ensure that the orders are delivered within three days. Besides its own website, Snackible’s SKUs are sold through 15 online marketplaces that also include Big Basket.
Snackible’s retail presence is predominantly focused in Mumbai, Bengaluru and Delhi.The company’s products are sold in 175 stores in Mumbai, 70 stores in Delhi and 40 in Bengaluru. These stores include Godrej Nature’s Basket, Hyper CITY, Haiko, Noble Plus and Le Marche.The company plans to expand to Kolkata, Jaipur and Chennai in addition to other markets in the country.
According to Sanghavi, website contributes about 20% of the total sales while retail stores (40%), institutional partners (30%) and marketplaces (10%) account for the rest. Snackible has also developed a strong institutional sales channel and are currently selling at hotels, cafes, restaurants, gyms, vending machines, corporate canteens and nutritionists’ clinics across the country.
“Snackible aims to achieve an operational break-even within six months. It is also eyeing to raise around $2-5 million in Series-A funding within the end of this financial year”, Sanghavi said.