Out of the 30 INR Cr, the startup has already received 20 INR Cr. The remaining amount should be received soon

The Good Bug will likely use this new capital to expand its product portfolio

Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, The Good Bug is a D2C startup that offers a range of gut health and wellness products

Mumbai-based D2C startup The Good Bug has raised $3.5M (around INR 30 Cr) in its Series A extension round from Sharrp Ventures – the family office of Marcio Group Chairman , Harsh Mariwala.

According to the startup’s RoC filing, the funding round also saw participation from its existing investors – Fireside Ventures and its co-founder Keshav Biyani.

The startup has allotted 630 Series A1 and Series A2 Mandatory Convertible Preferred Shares (CCPS) to the three investors to raise funds. These CCPS will be converted into equity shares in a 1:10 ratio during the next fundraising, according to the filing.

Out of the 30 INR Cr, the startup has already received 20 INR Cr. The remaining amount should be received soon.

A query letter sent to The Good Bug regarding the fundraiser received no response until the time of publication of this story.

The startup will likely use the new capital to expand its product portfolio.

The funding round comes nearly a year after The Good Bug raised $3.5 million in its Series A funding round, led by Fireside Ventures. The round also saw participation from Future Group founder Kishore Biyani’s daughters Ashni and Avni’s Think9 Consumer Technologies.

It is pertinent to note that Keshav Biyani is the nephew of Kishore Biyani.

Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, The Good Bug offers a range of gut health and wellness products that help people suffering from chronic lifestyle issues such as bloating, constipation, loss of weight thanks to intestinal health, among others.

The startup reported a revenue of INR 2.79 Cr in the financial year 2022-23 (FY23), compared to INR 0.26 Cr in the previous financial year. It incurred a net loss of INR 3.9 Cr during the year compared to INR 0.15 Cr in FY22.

It competes with Power Gummies, Man Matters, among others.