D2C snack brand Happilo raises $25m from Motilal Oswal Private Equity
Snack brand Happilo has raised $25 million from Motilal Oswal Private Equity to expand its D2C business, which includes dried fruits, trail mixes, nut protein bars and muesli. Happilo previously raised $12m from A91 Partners in February 2021.
Founded in 2016 by Vikas Nahar, Happilo is an omnichannel healthy snacking brand. Happilo said it was profitable and had quadrupled its business in the last 24 months.
“Partnering with MOPE will help us accelerate our growth plans and significantly scale the business from current levels. This will help us better serve our customers and achieve our revenue target of Rs 2,000 crore over the next next 4 years,” said Vikas Nahar, promoter and CEO of Happilo.
“We are thrilled with the progress Happilo has made in building a premier digital snacking brand over the past year. Covid has underscored the importance of healthy eating and nutritious food in everyone’s mind. MOPE’s investment will help the company accelerate its brand, product and distribution plans,” said VT Bharadwaj of A91 Partners.
MOPE’s third private equity fund, IBEF III, was launched in 2018 and has a corpus of Rs 2,300 crore ($320 million). It has committed approximately 97% of its capital to ten portfolio companies, with Happilo being the tenth investment. Additionally, MOPE recently launched IBEF IV with a target corpus of Rs 4,500 crore ($600 million) and achieved its first close at Rs 2,660 crore ($350 million) last November.