Bajo Foods, the parent company of Keto brand Lo! Foods, plans to use the funds for building new product ranges and channel expansion
Mumbai: Bajo Foods Private Limited, the parent company of the Keto Brand – Lo! Foods has raised funding of $2 million for its two new first product ranges in India, DiabeSmart and Protein Chef. Mount Judi Ventures is the lead anchor in this funding round, its first investment in the FMCG space. Other investors participating in this fundraiser included S Ramadorai (former VC TCS), KP Balaraj, founder of KPB Trust (former co-founder of Sequoia Capital India and WestBridge Capital).
Bajo Foods plans to use the funds for building new product ranges for both its brands DaibeSmart and Protein Chef and expanding its channels to offline retail, B2B and hospitals.
While DiabeSmart is specifically for diabetics, Protein Chef is a low-carb High Protein Powder that can be added to cooking.
These products are available for purchase on the company’s website and eCommerce marketplaces Flipkart and Amazon. The company plans to soon expand its reach to potential customers through offline stores.
Speaking about the fundraising, Sudarshan Gangrade, CEO of Bajo Foods, said, “India is referred to as the Diabetes capital of the world. This fundraising is for our two newly built innovative product ranges, DiabeSmart and Protein Chef.”
On the funding, KP Balaraj, founder of KPB Trust, (former co-founder of Sequoia Capital India and WestBridge Capital) said, “The Diabetes and Protein market segments that Bajo Foods has built products for is extremely large. With a strong team and founder, we believe Bajo Foods has a long-term play in the Indian Packaged Foods segment.”
Amit Sharma, Sunrise Foods that sold to ITC recently added, “The quality of the product range along with the gap in the market has me convinced that Bajo Foods has a niche that could make it into a very large brand that most key players would be interested in.”
Founded in 2019, Bajo Foods provides low-carb food products- Keto packaged foods and Keto fresh foods. The product range has expanded from Atta to cookies, mixtures, namkeens, and chocolates.
Bajo Foods also has 17 Cloud Kitchens from which it serves Fresh Foods in four cities- Gurugram, Delhi, Bengaluru, and Hyderabad. The brand is also targeting expansion to around 35 cloud kitchens in the span of 12 months in Mumbai, Pune, Ahmedabad and Chennai through the Franchisee model. With its cloud kitchens, the company delivers food items, Parathas, Rolls, Sandwiches, Bakery and packaged foods to its customers.