Hocco Cofounder’s D2C Healthy Snacking Brand Phab Nets $4 Mn
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Healthy snacking startup Phab has raised $4 Mn in a Pre-Series A funding round led by OTP Ventures and Chona Family Office.
The D2C brand plans to utilise the fresh capital for brand building, scaling geographic footprint, expanding distribution and strengthening its leadership team as the startup looks to scale its presence across online and offline channels.
The latest round comes a little over a year after the startup raised $2 Mn in a seed round led by OTP Ventures. Other investors including Capri Global, Sim & San Law Firm and a group of angel investors had also participated in that round.
Founded in 2018 by husband-wife duo of Ankit and Gayatri Chona, Phab sells protein bars, milkshakes and other high-protein snacks. The startup combines Ankit Chona’s experience in the food and restaurant industry with Gayatri Chona’s background as a practising nutritionist.
The Mumbai-based startup is betting on growing consumer demand for healthier food alternatives in India. The D2C brand sells its products through ecommerce and quick commerce platforms such as Amazon, Flipkart, Blinkit and Zepto, alongside modern trade and general trade outlets.
Unlike many D2C food brands that rely heavily on online sales, Phab claims that nearly half of its business comes from offline channels.
Buoyed by rising consumer consciousness about protein intake, fitness and preventive healthcare, the healthy snacking segment has emerged as one of the fastest-growing categories within India’s broader food and beverages market.
As a result, startups in the category have attracted significant investor attention over the past few years as rising disposable incomes, growing internet penetration and the expansion of quick commerce platforms have further driven demand for healthier packaged food products.
Earlier this year, nutrition-focused startup Good Monk secured $2 Mn in a Pre-Series A round led by RPSG Capital Ventures, while healthy food brand Salad Days raised INR 30 Cr in a Series A funding round co-led by V3 Ventures and Client Associates Alternate Fund.
Phab operates in a competitive market that includes brands such as The Whole Truth, Yoga Bar and Beyond Snack. At the heart of all this is the Indian healthy snacks market, which is reportedly projected to become a $8.1 Bn opportunity by 2033.
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