Millet-based snack maker Troo Good announced Tuesday that it has raised $9 million in a funding round led by organic food company Puro Wellness and existing investors Oaks Asset Management and V Ocean Investments. The company said it would deploy the latest capital infusion to expand its infrastructure, improve its distribution capabilities and drive product innovation.

The latest round takes Troo Good’s total funding to around $15 million (Rs 130 crore). It had last raised around $6.5 million (Rs 55 crore) in a Series A funding round in November 2021.

The company said it has remained consistently profitable, showing year-over-year revenue growth while competing in the highly competitive FMCG market.

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Speaking about the fundraise, Raju Bhupati, Founder and CEO of Troo Good, said the funds will help improve the company’s manufacturing capabilities, reach more consumers and innovate new products meeting the changing tastes and needs of customers.

“This funding marks a pivotal moment in our growth journey as we develop our infrastructure, expand our distribution network across India and focus on innovative millet-based products,” he said.

Founded in 2018, Troo Good offers millet-based snacks including chikkis, protein bars and nutrition bars. The company said it sells more than 3 million units of its millet chikkis and other millet snacks daily.

Ruchir Modi, founder of Puro Wellness, said: “Partnering (with Troo Good) is a natural fit for Puro Wellness as we expand our mission to create a comprehensive wellness food platform. Beyond capital, we bring our extensive distribution network and strategic expertise, ensuring Troo Good becomes a household name across the country.

According to a report by research firm IMARC Group, the Indian snacks market is expected to grow from Rs 42,694.9 crore in 2023 to Rs 95,521.8 crore by 2032, at a compound annual growth rate of 9.08 per cent. hundred.