Direct-to-consumer (D2C) food brand Anveshan is in advanced talks to raise Rs 150-200 crore from Vertex Ventures and the International Finance Corporation (IFC), the World Bank Group’s investment arm, people aware of the discussions told ET.
The round is likely to value the six-year-old startup at Rs 900-1,000 crore, more than doubling its April 2025 valuation of around Rs 430 crore. Last year, Anveshan had raised Rs 48 crore from Wipro Consumer Care Ventures, DSG Consumer Partners, and Titan Capital, among others.
The sharp jump in valuation is driven by strong revenue growth, sources said, adding that Anveshan has been able to leverage the quick commerce channel to rapidly scale distribution and drive higher repeat purchases across urban markets.
The Gurugram-based startup is expected to close FY26 with Rs 200-220 crore in revenue, up from about Rs 75 crore in FY25, and is currently operating at an annualised run rate of Rs 325-350 crore, one of the people cited above said.
Apart from its A2 cow ghee, Anveshan has expanded its product portfolio to include cooking oils, honey, flours, and spices. Founded in 2020 by IIT Guwahati alumni and former Goldman Sachs executives Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, the Gurugram-based startup sells minimally processed food products prepared traditionally, in rural areas.
Email queries sent to Anveshan’s founders, Vertex Ventures, and IFC did not elicit a response till the time of publishing.
The fresh capital infusion comes at a time when multiple brands in the organic and clean food products space have been raising funds. This includes organic dairy startup Akshayakalpa, which is raising Rs 175 crore led by Singapore-based private equity investor ABC Impact with participation from existing investors, including Rainmatter and A91 Partners.
Last October, Pune-based Two Brothers Organic Farms, which sells products such as ghee, rice, jaggery, wheat flour, spices, grains, and pulses, among others, raised Rs 110 crore from 360 One Asset, Rainmatter, and the Narotam Sekhsaria family office.
Clean-label food startup The Whole Truth raised about $51 million in a funding round led by Belgian investor Sofina and consumer focussed VC firm Sauce in February. The round, comprising primary and secondary capital, also saw participation from existing investors Peak XV Partners and Rainmatter, along with Ayra Ventures. Early backers of the brand include Z47 (formerly Matrix Partners).
In addition, the broader food products space has also seen investment activity recently. Digital-first packaged spices brand Zoff Foods raised fresh funding of $2 million from JM Financial Private Equity in March, while quick service restaurant chains Burger Singh and Boba Bhai have closed funding rounds of Rs 82 crore and Rs 30 crore, respectively.
The round is likely to value the six-year-old startup at Rs 900-1,000 crore, more than doubling its April 2025 valuation of around Rs 430 crore. Last year, Anveshan had raised Rs 48 crore from Wipro Consumer Care Ventures, DSG Consumer Partners, and Titan Capital, among others.
The sharp jump in valuation is driven by strong revenue growth, sources said, adding that Anveshan has been able to leverage the quick commerce channel to rapidly scale distribution and drive higher repeat purchases across urban markets.
The Gurugram-based startup is expected to close FY26 with Rs 200-220 crore in revenue, up from about Rs 75 crore in FY25, and is currently operating at an annualised run rate of Rs 325-350 crore, one of the people cited above said.
Apart from its A2 cow ghee, Anveshan has expanded its product portfolio to include cooking oils, honey, flours, and spices. Founded in 2020 by IIT Guwahati alumni and former Goldman Sachs executives Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, the Gurugram-based startup sells minimally processed food products prepared traditionally, in rural areas.
Email queries sent to Anveshan’s founders, Vertex Ventures, and IFC did not elicit a response till the time of publishing.
The fresh capital infusion comes at a time when multiple brands in the organic and clean food products space have been raising funds. This includes organic dairy startup Akshayakalpa, which is raising Rs 175 crore led by Singapore-based private equity investor ABC Impact with participation from existing investors, including Rainmatter and A91 Partners.
Last October, Pune-based Two Brothers Organic Farms, which sells products such as ghee, rice, jaggery, wheat flour, spices, grains, and pulses, among others, raised Rs 110 crore from 360 One Asset, Rainmatter, and the Narotam Sekhsaria family office.
Clean-label food startup The Whole Truth raised about $51 million in a funding round led by Belgian investor Sofina and consumer focussed VC firm Sauce in February. The round, comprising primary and secondary capital, also saw participation from existing investors Peak XV Partners and Rainmatter, along with Ayra Ventures. Early backers of the brand include Z47 (formerly Matrix Partners).
In addition, the broader food products space has also seen investment activity recently. Digital-first packaged spices brand Zoff Foods raised fresh funding of $2 million from JM Financial Private Equity in March, while quick service restaurant chains Burger Singh and Boba Bhai have closed funding rounds of Rs 82 crore and Rs 30 crore, respectively.
