Startup: Hungry Foal
Startup Description: Gurugram-based Hungry Foal aims to address the problem of malnutrition in a sustainable and scalable way. The Hungry Foal’s products are available at approx 35%-40% lower cost (25g @INR 5) in its class and category and are currently sold at 200 stores in Delhi/NCR. All the products are developed in technical collaboration with the scientists at SINED-TBI, NDRI, Karnal.
Amount Raised: The startup has secured an undisclosed amount of pre-Series A funding.
Investor(s): The investment was carried out by GAIL (India) Ltd under GAIL’s startup initiative ‘Pankh’.
*GAIL has created a corpus of INR 50 Cr to be invested in startups to support the Government of India (GoI) Start-Up initiative and to generate long-term commercial benefits. GAIL may also infuse further funds in this initiative based on investment requirements or upon the success of this initiative.
Deployment Of Funds: The raised capital will be used for market expansion, technology, and production ramp up.
Previous Funding: In June 2016, the company had raised an undisclosed amount of debt from SBI under the Stand-up India Scheme.