Mumbai Angels on Thursday announced that “A Gurgaon based Premium Sauce and Dip maker Fric Bergen, has raised the undisclosed amount from MA Network.”
A person familiar with this deal said that “It was first-round funding by the company, but not the disclosed the number of investors participated in this round.”
Rohit Agarwal, in the statement, said that “Our focus is to cater to the masses, with the prices of our products being as low as Rs 10, consumers usually end up by buying two or three variants in one go.”
Commenting on the recent funding, Fric Bergen Founder Vivek Singh said that, “The company will use this funding for expanding the capabilities around innovations, offering new products, and consumers preferences.”
Adding to this Vivek also said that “We’ve introduced a new flavor such as tandoori mayonnaise and pizza and pasta sauces to appeal to a diversified modern customer base.” “We plan to further expand our presence in various segments such as honey-based products, sugar-free sauce, and juice concentrates, amongst others.”
Nandini Mansinghka, a Managing Director and CEO of Mumbai Angels, said “We are very excited to add Fric Bergen to our portfolio group of companies. The consumer market industry is seeing a growth trajectory with rapid urbanization, evolving consumer lifestyles, rising income levels & growing per capita expenditure, awareness and desire to try new brands, and visibility of products through organized distribution points.”
“We believe that Fric Bergen has a strong business model and are dedicated to providing them with the support they need to succeed,” Nandini added.
