Anveshan has raised Rs 121 crore in its Series B through Vertex Ventures, which led with Rs 75 crore. International Finance Corporation injected Rs 31 crore, signalling development finance attention to rural food production models. Existing investors Titan Capital and Wipro Enterprises doubled down, contributing Rs 6 crore and Rs 5.9 crore, respectively. The syndicate included boAt co-founders Aman Gupta and Sameer Mehta, who invested Rs 38 lakh each, alongside Swiggy co-founder Sri Harsha Majety and funds like ALTrust and Force Ventures.
The funding comes nearly a year after the company raised Rs 48 crore in a Series A round led by Wipro Consumer Care Ventures in April last year.
Vertex Ventures leads rural food brand’s funding as Aman Gupta, Sri Harsha Majety back the play
This timeline matters because it signals accelerating investor conviction. D2C food brands face skeptics in venture capital—unit economics remain fragile, growth comes slowly—but Anveshan’s ability to close a near-tripled round in twelve months suggests something is working at the operational level.
Anveshan’s valuation nearly doubled to Rs 846 crore, compared to Rs 430 crore in Series A. This 2x jump in twelve months places the company in a rare band of D2C food startups—those moving beyond lifestyle growth into serious scale conversations.
According to Entrackr’s review of regulatory filings, the board approved the issuance of 2,853 compulsory convertible preference shares at Rs 4,23,952 each.
Reported Entrackr, the round’s composition reveals strategic positioning. Vertex Ventures’ lead stake and IFC’s participation indicate a shift from pure consumer play to a business-model narrative. IFC specifically focuses on companies driving financial inclusion and rural development—Anveshan’s positioning around village-based food micro-entrepreneurs aligns perfectly.
The founder trio, Aayushi Khandelwal, Akhil Kansal, and Kuldeep Parewa, retain 47.63% collectively, maintaining operational control while the cap table diversifies. Vertex acquired 8.87%, IFC 3.66%, with Titan and Wipro Enterprises each holding around 3.25-3.69%.
Revenue surge to Rs 77 crore but losses widen
The company’s unit economics tell a more complex story. FY25 revenue hit Rs 77.08 crore, up 64% from Rs 46.84 crore in FY24. But losses jumped to Rs 11.88 crore from Rs 5.74 crore, doubling year-over-year. This is the tension any venture-backed food company carries: growth requires spending on brand, supply chain visibility, and rural partner development. Profitability sits further away as the company prioritises market expansion.
A March report in the Economic Times suggested Anveshan was targeting Rs 150-200 crore in this round. The final Rs 121 crore fell below that range, though the valuation lift still represents strong investor appetite. The gap between guidance and actual raise could reflect either valuation disagreements or strategic caution about cash requirements.
Anveshan’s product portfolio—A2 cow ghee, wood-pressed oils, raw honey, healthy sweets, beverage mixes—targets the premiumised natural food segment. This category has proven sticky with urban D2C consumers willing to pay 3-4x regular prices for minimal processing and traceability. The rural supplier angle differentiates from competitors, though scaling supply consistency remains the operational challenge these companies never quite solve elegantly.
