Skippi Ice Popsicle Brand Secures Funding from Hyderabad Angel Network and Venture Catalysts
Skippi, an innovative ice popsicle brand, has successfully raised INR 10 Cr ($1.2 Mn) in a Pre-Series A funding round. This funding round was co-led by Hyderabad Angel Network and Venture Catalysts, with additional participation from Soonicorn Ventures, HEM Securities, and a group of angel investors.
Additional Funding in the Pipeline
The startup aims to raise an additional INR 7 Cr soon, as confirmed by Ravi Kabra, the CEO and cofounder of Skippi, in a conversation with Inc42. Kabra mentioned that the ongoing discussions with potential investors are part of the same funding round.
Allocation of Funds
Skippi plans to use the newly raised capital primarily for brand building and marketing initiatives. The detailed allocation of the funds is as follows:
- Branding and Marketing: 40%
- Working Capital: 30%
- Hiring Key Leadership: 10%
- New Product Development: 20%
With the new influx of capital, Skippi’s total funding to date stands at INR 10 Cr. Kabra emphasized the company’s focus on enhancing its brand presence, developing new products, and strengthening the leadership team.
Previous Investments and Growth
In 2022, Skippi gained significant attention by securing investments from all six sharks on Shark Tank India Season 1. The investors—Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal—collectively invested INR 1.2 Cr for an 18% equity stake. Since this investment, Skippi has experienced an impressive 80-fold increase in monthly revenues, growing from INR 5-7 Lakhs to a projected annual run rate (ARR) of INR 60 Cr to INR 100 Cr.
Apoorva Ranjan Sharma, cofounder and managing director of Venture Catalysts, highlighted Skippi’s rapid growth and strong brand presence as key factors making the company an attractive investment opportunity. He emphasized that this strategic investment aims to enhance Skippi’s market presence and drive innovation in a booming industry.
Skippi’s Market and Product Offering
Founded in 2021 by Ravi and Anuja Kabra in Hyderabad, Skippi Ice Pops has rapidly expanded its presence. The brand is now available in over 20,000 outlets across India, offering a variety of products including popsicles in more than five flavors, cream rolls, and cornsticks through an omnichannel retail business model. Skippi prides itself on using all-natural ingredients and RO water for its products, which are distributed via its website and quick commerce apps like Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. The startup also boasts a distribution network of over 200 stockists and distributors nationwide, utilizing a patented technology for manufacturing.
Market Context and Competition
The Indian ice cream market is on a significant growth trajectory, with an estimated value of INR 228.6 Bn in 2023 projected to reach INR 956.0 Bn by 2032, according to IMARC. This growth is driven by increasing consumer preferences for indulgence and the introduction of innovative products by leading brands.
While Skippi claims to be India’s first ice pops brand, it faces competition from established brands like Havmor, Kwality Wall’s, Mother Dairy, Vadilal, Creambell, Amul, Natural Ice Cream, Giani’s, and Dinshaw’s, which also offer a variety of ice popsicle options.
