Impressed by banana chips, global investor puts Rs 71cr in Kerala-based Beyond Snack

Kochi: Beyond Snack, a Kerala-based banana chips brand, has secured 8.3 million dollars (around Rs 71 cr) in a Series A funding round led by 12 Flags Group, a consumer business-focused fund established by Rakesh Kapoor, the former global CEO of Reckitt Benckiser. Existing key investor NAB Ventures also participated in the round, increasing its stake in the company.

Co-founded by Manas Madhu, an engineer-turned-entrepreneur hailing from Alappuzha, along with Jyoti Rajguru and Gautam Raghuraman from Maharashtra, makes and sells nine varieties of banana chips.

Japanese VC firm Enrission India Capital and other existing investors, including Faad Network, also joined. Founder Manas told Onmanorama that the funds will be used to drive Beyond Snack’s expansion into new territories, foster product innovation and strengthen its supply chain infrastructure. The company now has a retail footprint of 20,000 outlets. The aim is to double it with the new investments, he said.

“Banana chips have often been underrated due to lack of innovation and right technology, but in reality, they are one of the most delightful snacks out there. Hence, we decided to drive that innovation and bring the latest technology in banana chips," Manas said. "Our banana chips redefine the snacking experience—delicately thin, irresistibly crispy, bursting with bold, mouthwatering flavours," he claimed.

Rakesh Kapoor, founder of 12 Flags Group, said he was attracted to the company by the taste of its products. "I have never really liked traditional banana chips. They are normally thick and oily and get stuck in the teeth. But then I tried Beyond Snack, and I was gobsmacked by how delicious, crispy, and uniquely flavoured they were. They have captured my taste buds, and as it turns out, also the taste buds of millions across India,” he said.

“We’re excited to deepen our partnership with Beyond Snack. This follow-on investment underscores NABVENTURES' confidence in Beyond Snack's exceptional performance and its innovative approach to the industry,” said Ashish Choudhury, CIO - NABVENTURES LTD. “Beyond Snack is currently deepening back-end integration and streamlining its supply chain, further enhancing its efficiency sustainability within the Agri value chain.

This strategic move aligns perfectly with NABVENTURES' vision of driving innovation and fostering a robust and sustainable Agri & Food system," he said. “We’re thrilled to support Beyond Snack on their journey and look forward to seeing their crispy creations win over taste buds everywhere,” said Enrission India Capital CEO Yusuke Kakimot.

Beyond Snack has previously raised 4 million dollars from NAB Ventures, 100X VC, Faad Network, and notable angel investors. The company is a top-selling banana chips brand across leading e-commerce and quick commerce platforms.