Alimento Agro Foods raises Rs 50 crore from IvyCap Ventures

Fast-moving consumer group (FMCG) company Alimento Agro Foods Pvt Ltd, parent of ready-to-eat food brand Meal of the Moment (MOM) and Korean food brand Gimi Gimi, has raised Rs 50 crore (around $5.5 million) from IvyCap Ventures. The company has also infused Rs 2 crore of its own money.

The capital will be utilised to expand manufacturing capacity, strengthen nationwide distribution, and accelerate product innovation for both brands, the company said.

Commenting on the funding, Prateek Bhagchandka, cofounder and CEO, said in a statement, “The capital will enable us to scale manufacturing, enhance distribution, and accelerate innovation across both brands.”


Prateek and Mugdha Bhagchandka, COO, founded the company in early 2017. This is the first venture capital funding round of the FMCG company.

Under MOM, the brand offers ready-to-eat meal options for breakfast, lunch and snacks. Gimi Gimi has a wide variety of Korean noodles. The products are available through ecommerce and quick commerce apps and the brands’ direct-to-consumer (D2C) websites.

“MOM and Gimi Gimi reflect a unique blend of consumer insight, product innovation, and cultural relevance,” said Vikram Gupta, founder and managing partner, IvyCap Ventures.

In August, FMCG startup Mitra secured Rs 14 crore in a bridge round led by Bestvantage Investments with participation from existing investors, including a Dubai-based family office.