Image Source: The Indian Retailer
Nutritionist-backed snacking brand Phab has raised $2 million in seed funding to speed up its goal of democratizing healthy, high-protein snacks and making them enjoyable to Indian consumers. The round has been led by OTP Ventures with the participation of Capri Global, Sim&San law firm, and various angel investors. It is a major milestone for the Mumbai startup that was set up by Gayatri and Ankit Chona in 2022.
Key Highlights
$2 Million Seed Funding Raised
The funding round, which was spearheaded by OTP Ventures, also included participation from Capri Global, Sim&San law firm, and other leading angel investors. This infusion of capital will drive Phab's next stage of growth, innovation, and expansion in the market.
Use of Funds:
Phab will invest the new capital in capital expenditure, expanding production capacities, hiring additional staff, and enhancing its footprint across both offline and online retail channels. The firm aims to extend its penetration through digital channels, quick commerce, general trade, and new retail formats.
Product Innovation and Expansion:
Popular for its high-protein, high-flavour food products—such as protein milkshakes, powders, and energy bars—Phab is a science-first brand with nutritionists, scientists, and chefs working together to develop its products. Phab plans to bring new categories of products to market and further solve the problem of protein deficiency in India.
Mission-Driven Brand:
Established by Gayatri and Ankit Chona, who also founded Hocco Ice Cream and Huber & Holly, Phab aims to make healthy eating indulgent, accessible, and sustainable. The firm asserts that it has already sold more than 2 million units and is collaborating with schools and organizations to enhance nutrition access for marginalized communities.
Market Opportunity:
The investment is timely as demand for protein-enriched, nutritionally balanced snacks in India's fast-expanding health and wellness market is on the rise. Investors believe Phab is poised to spearhead the functional snacking revolution with its science-driven, differentiated offerings.
This increase represents a thrilling new era for Phab. With this investment, we can invest in product innovation, responsibly scale, and deliver snacks that are as delicious as nutritious," commented co-founder and in-house nutritionist Gayatri Chona.
With the funding, Phab will accelerate its expansion across India, bring new products to market, and cement its leadership in India's better-for-you snacking category.
Source: BW Disrupt, VCCircle, CEO Vine, Entrepreneur India, UNI India
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