Delhi-based Lone Star Hospitality Pvt. Ltd., that runs Indian luxurious sweets model Khoya, has raised ₹6.15 crore in a pre-seed funding spherical led by chef Ritu Dalmia’s Riga Meals. Riga is a portfolio firm of Max Group’s chairman Analjit Singh’s household workplace. The spherical additionally noticed participation from different traders like Priya Paul.
Khoya develops and produces premium conventional mithai and luxurious confectionery merchandise and sells direct to clients. Luxurious mithais, a comparatively new idea launched about 5 years in the past, can value wherever between ₹20,000-30,000 a kilogram.
The corporate plans to make use of the funds for growth of recent merchandise in addition to growth into new classes of associated shopper merchandise. It should develop its retail presence in different metros throughout India and foray into worldwide markets.
The corporate competes with Gur Chini, Arq Mithai, Meethi, Bombay Candy Store and others and sells its merchandise on-line and a few shops at retail areas and inns.
Khoya, the corporate’s founder Sid Mathur mentioned, was launched in 2016 with the imaginative and prescient to make mithai ‘thrilling once more’, through the use of pure components, and every bit is fastidiously handcrafted, tastefully organized and superbly packed. The corporate mentioned it has shoppers like Louis Vuitton, Cartier, Good Earth, Lexus and others.
Mathur mentioned, “Khoya was a ardour challenge, and we took our time to construct it. We dived deep into the historical past, travelled, looked for components, labored exhausting on recipe growth, and spent months on packaging. The product spoke for itself, and Khoya has grown organically by way of solely reinvestment of income. With this capital elevate, we will take the model to a brand new degree, increasing our kitchens, groups & distribution each in India in addition to internationally.”
Co-founder of Riga Meals, Dalmia mentioned: “For me, this model has at all times been the benchmark of luxurious mithai, and we’re thrilled to be a part of their journey. With apparent synergies of catering, kitchens and eating places, we now have a head begin on this relationship, and might’t wait to see this firm develop.”
Based on business estimates, the organised Indian sweets and premium gifting market will likely be round ₹15,000 crore by 2028.
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Supply: Live Mint