Let’s Try raises $2.5M funding after Shark Tank India feature

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Let’s Try, a Shark Tank India-featured snack brand, raises $2.5 million (approximately Rs 22 crore) in a pre-Series A funding round. The round was led by Singapore-based venture capital firm SWC Global, with continued support from Wipro Consumer Ventures, 100Unicorns, Venture Catalysts, and Shark Tank India judge Aman Gupta.

The Delhi NCR-based startup, founded in 2021 by consumer goods veteran Nitin Kalra, plans to utilize this capital for expanding distribution across Tier 1, 2, and 3 cities, optimizing supply chain operations, and launching new health-focused snacks. The company has seen rapid growth, from Rs 1 crore in revenue to an annual recurring revenue (ARR) of Rs 120 crore in just three years. Now, it aims to scale its revenue to Rs 1,000 crore by 2028.

Let’s Try raises $2.5M funding after Shark Tank India feature. This funding aligns with the broader trend in India’s snack market, which was valued at Rs 42,695 crore in 2023 and is projected to reach Rs 95,522 crore by 2032, growing at a CAGR of 9.08% from 2024 to 2032.

1. Understanding Let’s Try’s Business Model

1.1 How Let’s Try Operates

Let’s Try operates as a premium yet affordable snack brand, focusing on India’s price-sensitive but quality-conscious consumers. The company produces all its products in-house, ensuring consistency and high-quality standards. It leverages an omnichannel sales strategy, distributing its products through retail stores, e-commerce platforms, and direct-to-consumer (D2C) channels.

1.2 Revenue Model

The company generates revenue through a diverse product range, retail partnerships, and direct online sales. Its affordability factor has driven high volume sales, helping it achieve an ARR of Rs 120 crore in under three years.

1.3 Founder’s Background

Founder Nitin Kalra has extensive experience in consumer goods, having worked with ITC, PepsiCo, and Raymond. His expertise in brand-building, distribution, and product innovation has positioned Let’s Try as a formidable player in the Indian snacks market.

2. Product Portfolio and Expansion Strategy

2.1 Key Products

Let’s Try offers a variety of snacks, including:

• Namkeens
• Wafers
• Cookies
• Cakes
• Traditional sweets

All products cater to the evolving demand for healthier and tastier snack options.

2.2 Future Expansion Plans

With the newly secured funding, Let’s Try plans to:

• Expand its presence across Tier 1, 2, and 3 cities.
• Strengthen its supply chain and backend operations.
• Invest in omnichannel brand-building efforts across online and offline platforms.

3. Funding Background and Growth Projection

3.1 Recent Funding Round

Let’s Try raises $2.5M funding after Shark Tank India feature. The $2.5 million pre-Series A round was led by SWC Global and saw participation from Wipro Consumer Ventures, 100Unicorns, Venture Catalysts, and Aman Gupta.

3.2 Growth Trajectory

• Revenue grew from Rs 1 crore to Rs 120 crore ARR in under three years.
• The brand is now targeting Rs 1,000 crore in revenue by 2028.
• India’s snacks market is growing at 9.08% CAGR, offering ample opportunities.

4. Market Trends and Consumer Insights

4.1 Indian Snacks Market Growth

According to industry reports, India’s snack market was valued at Rs 42,695 crore in 2023 and is projected to reach Rs 95,522 crore by 2032.

4.2 Consumer Preferences

• Growing demand for healthier snacks
• Increasing preference for premium yet affordable brands
• Rise in D2C and e-commerce snack purchases

5. Learning for Startups and Entrepreneurs

5.1 Key Takeaways from Let’s Try’s Journey

• Omnichannel Distribution is Key: Expanding beyond traditional retail can significantly boost revenue.
• In-House Production Ensures Quality: Owning the manufacturing process leads to better control over product quality.
• Funding Helps in Scaling Faster: Strategic investments in distribution and branding accelerate growth.
• Consumer-Centric Approach Wins: Understanding price sensitivity while ensuring premium quality is a winning formula.

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