Bajo Foods Private Limited, the parent company of the Keto Brand – Lo! Foods, has raised $2 million in funding led by Mount Judi Ventures, making this its first investment in the FMCG space.
The funding round also saw participation from several investors, including S Ramadorai (Former VC TCS) and KP Balaraj, founder of KPB Trust (Former co-founder of Sequoia Capital India and WestBridge Capital).
As per the brand, the raised funds will be used to build new product ranges for its brands- DaibeSmart and Protein Chef and expand its channels to offline retail, B2B and hospitals.
Bajo Foods | Keto Brand Lo! Foods
Founded in 2019, Bajo Foods, through its Keto Brand – Lo! Foods, provides the widest range of affordable Low Carb, Diabetic Friendly & Keto Friendly Foods.
Its product range has expanded from Atta to cookies, mixtures, namkeens, and chocolates which are available for purchase on the company’s website and eCommerce marketplaces Flipkart and Amazon.
Speaking about the development, Sudarshan Gangrade, CEO of Bajo Foods, said,
“India is referred to as the Diabetes capital of the world. This fundraising is for our two newly built innovative product ranges, DiabeSmart and Protein Chef.”
While DiabeSmart is specifically for diabetics, Protein Chef is a low-carb High Protein Powder that can be added to cooking. The brand also has 17 Cloud Kitchens that serve Parathas, Rolls, Sandwiches, Bakery and packaged foods to its customers in four cities- Delhi, Gurugram, Bengaluru, and Hyderabad.
Bajo Foods plans to soon expand its reach to potential customers through offline stores. It is also targeting expansion to around 35 cloud kitchens in the span of 12 months in Mumbai, Pune, Ahmedabad and Chennai through the Franchisee model.
Commenting on the development, KP Balaraj, founder of KPB Trust, (Former co-founder of Sequoia Capital India and WestBridge Capital), said,
“The Diabetes and Protein market segments that Bajo Foods has built products for is extremely large. With a strong team and founder, we believe Bajo Foods has a long-term play in the Indian Packaged Foods segment.”
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