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Thursday, April 18, 2024

New Delhi-Based Nut Butter Company Happy Jars Raises ₹3 Crore in Seed Round

Happy Jars, a vegan health food brand that offers a variety of nut butters, has announced that it has raised a seed fund of ₹3 crore led by Inflection Point Ventures (IPV). According to the company, the new investment will be used to launch new flavours, scale operations, build brand awareness and expand distribution to tier-I and tier-II cities, including Mumbai and Bangalore.

Happy Jars was founded in 2016 by couple Surabhi Talwar and Vikram Sekhar, and has now spread its wings across the country. It has acquired 1% market share of the ₹250 crore-strong Indian peanut butter market. “At Happy Jars, we focus on making products that are so delicious that you’ll eat them every day. Our natural, good-for-you ingredients ensure that you’re eating the right things, and this combination is the magic behind a healthy lifestyle. We are delighted to have Inflection Point Ventures partnering with us on our journey. Their mentor and investor network is strong and offers guidance that is invaluable for a start-up that is scaling,” said Surabhi Talwar, co-founder, Happy Jars, in a company statement.

Happy Jars serves about one lakh customers every year, and is already a category leader with a 30 per cent market share in modern trade stores with a loyal repeat customer base. The business grew 200% during the pandemic and is growing at CAGR six times the category.

The investment in Happy Jars is the eighth deal for IPV in 2021, and the early stage angel investing platform is planning to invest ₹155 crore this year across 60-plus startups. “As health and immunity take centre stage in our lives, customers are making their choices clear. They want rich nutrition and low-in-sugar food options. Happy Jars is meeting these expectations and the impact of this trend is showing the way forward for brands that are true to their ethos. We found their approach of entering one category – Nut Butter in this case and rolling out various flavours while retaining the nutritional value of the ingredients an attractive proposition to invest in,” said Vinay Bansal, founder, and chief executive officer, Inflection Point Ventures, in the statement.

With its unsweetened peanut butter, Happy Jars caters to customers actively looking for healthy options. All their products are vegan and gluten-free, without any oils or preservatives, the company claims. Happy Jars is available across retail stores in Delhi-NCR and all leading e-commerce portals.

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