MOPP Foods Raises Seed Funding The brand announces to use the funds in the company's upcoming expansion across Delhi-NCR and add more brands to its portfolio
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Gurugram-based cloud kitchen MOPP Foods announced on Monday to have raised an undisclosed amount of Seed funding from India Accelerator's iAngel Network.
Mentored by IA, MOPP plans to use the funds in the company's upcoming expansion plan across Delhi NCR and add more brands to its portfolio.
"Parathas and pakodas are the quint essentials of the Indian QSR segment, and the kind of variety that Geetika and Gaurav have created is something which hasn't been done before. Add to it, the innovation and global level standardization that they have brought about in their process is commendable. We have a global view for the company, given that Indians are spread across the globe and we would leverage our international network to help them achieve the same," said Mona Singh, co-founder, India Accelerator.
Founded in 2019 by Gold Medalist MBA Geetika Anand Gupta and IIT alumni Gaurav Gupta, the company currently operates three cloud kitchens with two brands – Mad Over Parathas and Pakodas and Mealy. MOPP has reinvented the pakodas recipe to make them delivery friendly as they are less oily, do not become soggy, and remain crispy on delivery. The brand also delivers more than 100 types of gourmet parathas including vegetarian and non-vegetarian varieties. The second brand Mealy focuses on everyday comfort food and targets the daily meals market, the company shared.
"Parathas and pakodas are loved all over India and in the Indian diaspora, and have been flourishing in the unorganized sector. It's high time someone took two of India's favorite food items and created a recognizable brand by serving customers with delicious fare that is affordable and super hygienic every single time they order. This team comes with the right background, passion for their product, and the right mindset and excitement to build a solid company that can scale up well and go very far in the tech-enabled food and beverage space. The initial traction they obtained was impressive, and this funding round will go a long way in enabling them to continue innovating on their core product, launch new products, and deliver delightful food experiences that customers will keep coming back to," commented Hareesh Viriyala, angel investor, India Accelerator's iAngel Network.
The company is presently clocking more than 8000 monthly orders and envisions crossing 1 million monthly orders by 2026. Furthermore, the company is aggressively working on its expansion plan to launch 250 cloud kitchens across 30 cities by 2026.
"We are really excited to be associated with India Accelerator. This fund-raise will not only help us strengthen our existing brands but will also help us launch our third brand (Mad Over Curry) focusing and revolving around traditional and authentic Indian curries across Delhi NCR," added Geetika Anand Gupta, co-founder and chief executive officer, MOPP Foods Pvt Ltd.
The online food delivery segment is growing at a CAGR of 25 to 30 per cent and is expected to touch 300 million by 2024. Considering the market size, MOPP is focusing on strengthening its business model by creating innovative delivery-friendly products to a wider target audience.
