Foodtech startup TWF Flours has raised seed funding in the past from bigwigs in
the startup world including Rajaraman Santhanam, cofounder Chargebee; Shan
Krishnaswamy, cofounder, Freshworks; Sharath Longanathan, cofounder Ninjakart,
among others.
Zerodha-backed Rainmatter, a venture fund, has invested about Rs 12 crore
($1.4 million) in a foodtech startup called TWF Flours. This marks the first
time the Noida-based company, founded in 2019, is getting institutional
funding.
Before this, TWF Flours had received seed funding from well-known figures in
the startup world like Rajaraman Santhanam (cofounder of Chargebee), Shan
Krishnaswamy (cofounder of Freshworks), Sharath Longanathan (cofounder of
Ninjakart), and others.
The recent funding round, known as pre-Series A, brings TWF Flours' total
funds raised to nearly $2 million, according to cofounder Pranjal Kumar.
The money raised will be primarily used for research and development to
enhance the nutritional value of their flour, said Kumar. TWF Flours focuses
on innovative milling technology to produce healthier flour with higher
nutrient levels. They sell directly to consumers through their website and
ecommerce platforms, as well as to hotels and restaurants that require
specialized bread for items like sandwiches and pizzas.
Kumar mentioned that they've gained customers mostly through positive word
of mouth. TWF Flours competes with imported bread but offers a more
affordable option with similar taste and quality, making it popular for
high-quality bread needed in pizzerias.
Founded by Pranjal Kumar and his professional associate Arjun Rungta, both
passionate bakers, TWF Flours originated in 2016 when they aimed to create
superior quality bread in India, leading to the idea of establishing a
specialized flour company.
For Rainmatter, investing in TWF Flours aligns with their interest in the
health and wellness sector. Rainmatter, with Zerodha founders being deeply
passionate about this business area, has previously invested in Fittr, a
Pune-based fitness startup, and others like The Whole Truth and Trunati.
Established in 2016, Rainmatter is currently a Rs 1,000-crore fund that
invests in companies across fintech, healthtech, and storytelling.