Healthy snacking startup Troovy is close to mopping up to 200 crore in a Series B round, according to two sources familiar with the matter.
“Troovy is in advanced discussions to raise Rs 150-200 crore in a new round led by Abu Dhabi Investment Authority (ADIA),” said one of the sources requesting anonymity. “Existing investors, including Fireside Ventures, are also expected to join.”
ADIA has typically backed scaled consumer businesses with proven market traction. Its investment in Troovy would represent a relatively earlier-stage bet compared to many of its previous consumer investments, including Purplle, FirstCry, Nykaa, and Lenskart, where it invested after these companies had already achieved considerable scale and established market positions.
Founded by Mansi Baranwal and Aditya Mukherjee, Troovy operates in the clean-label food category and offers a range of snacks and nutrition products for children, including chips, puffs, cookies, and milk mixes.
The fundraise will be deployed towards expansion (portfolio of clean-label food products) as the firm doubles down on product innovation and distribution across quick-comm and omnichannel channels, as per sources.
“The transaction is in its final stages of completion, and the parties involved are finalising the paperwork,” said another source requesting anonymity as the discussions are yet to be public
Troovy declined to comment on the story, while queries sent to ADIA and Fireside remained unanswered until the publication of this story.
The upcoming round follows Troovy's $5 million Series A funding raised in January this year. The round was led by Fireside Ventures and Sharrp Ventures, with participation from existing investors Spring Marketing Capital and Veltis Capital. Prior to that, the startup had secured $2.3 million (Rs 20 crore) in a pre-Series A round led by Fireside in May 2025.
For the fiscal year ending in March 2025, Troovy reported Rs Rs 6.05 crore in revenue while its losses stood at Rs 10 crore.
Troovy competes with brands such as Slurrp Farm, Timios, and other emerging players focused on healthier food options for children and families.
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