John Abraham backed ice cream brand Noto raises Rs 21 crore from Equentis Angel Fund, others

Actor John Abraham-backed ice cream model Noto has raised Rs 21 crore in a funding spherical led by Equentis Angel Fund, the early-stage funding arm of Mumbai-based wealth administration agency Equentis Wealth Advisory.

The spherical additionally noticed participation by Inflection Level Ventures (IPV), Jito, Sign Ventures, and others.

The funds will probably be used to scale up manufacturing, broaden distribution, arrange offline shops, and strengthen Noto’s model presence throughout key markets.

Based in 2019 by Varun Sheth and Ashni Shah, the Mumbai-based ice cream model operates within the guilt-free dessert section. It presents a spread of low-calorie, sugar-free, and vegan ice lotions and desserts.

“The newest infusion of funds will allow Noto to introduce new product strains and bolster its omnichannel distribution technique with the launch of its personal ice cream parlours,” the corporate stated.

Noto additionally goals to deepen its footprint in tier I and tier II cities. It at the moment operates in over 13 cities with a community of greater than 100 darkish shops.

As per Tracxn knowledge, Noto has raised complete funding of $6.6 million from the likes of Zerodha’s enterprise funding arm Rainmatter, White Whale Companions, and Snapdeal founders Kunal Bahl, and Rohit Bansal.The ice cream market remains to be dominated by legacy manufacturers comparable to Amul, Mom Dairy, Havmor, Baskin Robbins, and Cream Bell, which cater to the mass section. Nonetheless, this has additionally created alternatives for rising manufacturers comparable to GoZero, Get A Method, Frubon and Minus 30 to carve out area of interest markets.

Commenting on the funding, Manish Goel, founding father of Equentis Angel Fund, stated, “Our funding in Noto is a mirrored image of each the model’s sturdy early-mover benefit and the founders’ strategic readability. With a quickly rising shopper base and a agency grip on your complete worth chain, Noto is effectively positioned to guide the wholesome snacking revolution.”

Equentis Angel Fund was launched final December to again early-stage startups throughout the defence, shopper tech, logistics and fintech sectors.