Hungry Foal has secured Pre-Series A Funding from GAIL (India) Ltd under GAIL’s startup initiative ‘Pankh’. The agreements were exchanged at ‘Startup Sangam’, an event organized by Ministry of Petroleum and Natural Gas in the presence of Shri Dharmendar Pradhan, Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship, Government of India here in New Delhi. GAIL or Gas Limited is the largest state owned natural gas processing and distribution company in India.
The funds will be used for market expansion, technology and production ramp up.
Parent company of Hungry Foal, JV Foodworks Private Limited, is Government of India recognized start-up (with ID number DIPP3645), and aims to make nutrition tasty, affordable and accessible to all. Hungry Foal, a bootstrapped venture (brain child of Japna Rishi Kaushik and Vivek K Kaushik) , which later went on to raise funds from angel investors and State Bank of India is all set to be part of the $900 million kid’s snack market in India.
Manufacturing has been underway since last 15 months. From a 6 feet X 4 feet room, the company moved to its first manufacturing unit, spread across 1,000 square meters, at IMT Manesar, Gurgaon, earlier this year. All products are developed in technical collaboration with the scientists at SINED - TBI, NDRI, Karnal. Application of latest food tech has helped Hungry Foal produce high quality goods in an affordable and cost effective way. Hungry Foal products, according to company reps are available at approximately 35 to 40 percent lower cost of 25g at Rs.5 in its class and category. All products are sold via kirana stores in Delhi and NCR. Our proven sales and marketing model is resulting in approximately 25 percent month on month increase in sales.
India has a “serious” hunger problem and ranks 100th out of 119 countries on the global hunger index behind North Korea, Bangladesh and Iraq but ahead of Pakistan, according to Global Hunger Index Report (2017). The country’s serious hunger level is driven by high child malnutrition and underlines need for stronger commitment to the social sector. In line with Government India’s vision of #MalnutritionFreeIndia, the company is aiming for all women and children to be free from nutritional deficiencies in all its forms.