Mumbai-based ice cream brand NOTO has raised $2 million in a pre-Series A funding round led by White Wale Ventures and Rainmatter Foundation.
The startup plans to use the raised capital to strengthen its foundation in existing markets and tap the tier-1 and tier-2 cities. Apart from this, It will invest in product development and building on the core team.
Previously, It raised Rs 4 crore in a funding round led by investors such as Titan Capital, Rockstud Capital, VCAT (Venture Catalysts), Bollywood actor and producer John Abraham, WEH Ventures, and other angel investors.
Founded in 2019 by the husband-wife duo Ashni and Varun Sheth, NOTO claims to have an ARR of Rs 35 crore and is targeting an ARR of Rs 50 crore by the end of the summer.
As of now, The brand has a presence in more than 5 cities, which include Mumbai, Bangalore, Delhi, Pune, Chennai, Nagpur, Jaipur, Mangalore, etc. In addition to this, It also sells through on-demand delivery on order.eatnoto.com and on food delivery platforms such as Swiggy, Zomato, Instamart, Zepto, and BBnow, in addition to being in gourmet stores across the country.
The company operates on a hyper-local dark store model, which allows them to cater to impulse demand within 30–40 minutes.
“Consumers today are more conscious about their diet and are unable to find healthier alternatives to indulgent categories. NOTO has carved a niche in the ice cream market, offering low-calorie, guilt-free ice creams with an uncompromising focus on taste. Through a combination of great products, attractive packaging, and affordable pricing, NOTO has garnered a loyal customer base and built a strong brand in a short period of time. We are excited to be on board Varun and Ashni’s journey in creating a serious dent in the ice cream market in India.” said Shapath Parikh, Partner at White Whale Ventures.
“What we’ve realized at Rainmatter is that it’s not reasonable to expect people to stop bingeing on things they love. Instead, the better thing to do is to make healthier alternatives easily available. That’s what we love about NOTO, and we’re excited to join them on this journey,” said Nithin Kamath, director of Rainmatter Foundation.
Source @Indianstartupnews
