Zerodha’s Rainmatter invests Rs 12 crore in foodtech startup TWF Flours

Zerodha-backed venture fund Rainmatter has invested around Rs 12 crore ($1.4 million) in foodtech startup TWF Flours. This is the first institutional funding round for the Noida-based company which was founded in 2019.

It has raised seed funding in the past from prominent figures in the startup world like Rajaraman Santhanam, cofounder Chargebee; Shan Krishnaswamy, cofounder, Freshworks; Sharath Longanathan, cofounder Ninjakart, among others.

This pre-Series A round of funding brings the total raise for TWF Flours till date to nearly $2 million, cofounder Pranjal Kumar told ET.


“We will invest the funds raised in this round primarily for research and development on how to improve the nutritional aspects of flour,” Kumar said.

TWF Flours innovates on milling technology to create better quality flour which is healthier and retains higher levels of nutrients. It sells directly to consumers through its website and ecommerce platforms and to hotels and restaurants who need specialised breads for sandwich, pizza and such.

“We have mostly acquired our customers through word of mouth. Anyone setting up a good quality pizzeria will hear about us for good quality bread,” Kumar said. TWF Flours competes with imported bread in this category and is a much cheaper option with similar taste and quality, he added.

TWF Flours was founded by Kumar and his long-time professional associate Arjun Rungta, both passionate bakers. Back in 2016, as they were trying to create superior quality bread in India, they conceived the idea of setting up a specialised flour company.

For Rainmatter, TWF Flours is another investment made in the health and wellness category, a section of business about which the Zerodha founders are extremely passionate. Last year, Rainmatter invested in Pune-based fitness startup Fittr. It is also an investor in The Whole Truth, Trunati and others. Rainmatter, set up in 2016, is currently a Rs 1,000-crore fund which invests into companies across fintech, healthtech and storytelling.