Delhi-based mithai company Khoya has raised USD 750,000 in a pre-seed funding round led by Ritu Dalmia’s Riga Foods, a portfolio company of Analjit Singh’s family office, along with participation from renowned investors including Priya Paul.
Founder Sid Mathur says, “Khoya was a passion project, and we took our time to build it. We dug deep into the history, travelled, searched for ingredients, worked hard on recipe development, and spent months on packaging. The product spoke for itself, and Khoya has grown organically through the reinvestment of profits. The organised Indian sweets and premium gifting market is growing rapidly and is expected to cross Rs. 15,000 crores by 2028. With this capital raise, we will be able to take the brand to a new level, expanding our kitchens, teams, and distribution both in India as well as internationally.”
Khoya was launched in 2016 with the vision of making Mithai exciting again and becoming India’s first luxury Mithai brand. It develops and produces premium traditional mithai and luxury confectionery products and sells them directly to customers. The company sells its products online and via a network of stores in premium retail spaces and hotels.
The company uses only fresh and 100 per cent natural ingredients, and each piece is carefully handcrafted, tastefully arranged, and beautifully packed. Khoya, whose clients include Karan Johar, Louis Vuitton, Cartier, Good Earth, and Lexus, plans to use the proceeds from this round for the development of new products as well as expansion into new categories of related consumer products.
Further, it will expand its retail presence in other metro cities across India and foray into international markets.