Phab, the D2C healthy snacking brand co-founded by Ankit Chona of ice cream brand Hocco and his wife Gayatri Chona, has raised $2 million (around ₹17 crore) in a seed funding round led by OTP Ventures, with participation from Capri Global, Sim&San law firm, and angel investors.

Founded in 2018, phab offers protein bars and healthy milkshakes, leveraging Ankit’s decade-long food industry experience and Gayatri’s expertise as a certified nutritionist. The brand has sold over 2 million units and sells through e-commerce and quick commerce platforms like Amazon, Flipkart, Zepto, and Blinkit.

Despite a 12% dip in operating revenue to ₹5 crore in FY24, phab trimmed its net loss by nearly 3% to ₹6.8 crore, showing improved efficiency.

The new funds will be used to expand the team, invest in production capacity, and grow phab’s presence across digital, quick commerce, and offline channels. The brand competes with Yoga Bar, Beyond Snack, and The Whole Truth in India’s growing $68 billion healthy snacking market. OTP Ventures’ founding partner Suhail Sameer praised phab’s bold, differentiated approach and the founders’ vision, signaling strong investor confidence in the brand’s growth potential.

Bengaluru-based D2C fashion startup Outzidr, co-founded by Nirmal Jain, Mani Kant Mani, and Justin Mario, has secured ₹30 crore in seed funding led by Stellaris Venture Partners, with participation from angel investors like Ramakant Sharma (Livspace) and Ghazal Alagh (Mamaearth).

Launched in February 2025, Outzidr targets Gen Z women aged 17–27 with affordable occasion-specific apparel such as partywear and travel outfits. The brand introduces over 2,000 new designs monthly and uses a “test-and-react” model to scale popular styles based on early sales data. With an agile inventory cycle of less than three weeks, it plans to shift 90% of manufacturing to India within two years for sustainability.

The funds will bolster supply chain efficiency, technology development, team expansion, and brand-building. Outzidr aims to achieve ₹100 crore annualized revenue within 6–8 months through its D2C platform and marketplaces like Myntra, Nykaa Fashion, and AJIO.

Led by industry veterans with expertise in fashion and logistics, Outzidr is poised to capitalize on India’s growing D2C market fueled by Gen Z’s demand for trendy and affordable fashion.

Agritech startup Greenikk has announced its closure, attributing the decision to funding challenges and adverse market conditions. Founded in 2020 by Fariq Naushad and Previn Jacob Varghese, Greenikk aimed to create a digital ecosystem for banana cultivation, addressing issues throughout the value chain from farmers to bulk buyers. Despite raising around $1 million from investors, including 100Unicorns and IIM A Ventures, the company struggled to secure additional funding, particularly for a planned $5 million Series A round.

Reasons for Shutdown

Several factors contributed to Greenikk’s decision to wind down operations:

• Funding Challenges: Initially thriving during a period of low-interest capital availability in 2022, the startup faced difficulties as market dynamics shifted. Naushad admitted that the company pursued “the wrong metrics” for growth during its early success, ultimately leading to unsustainable practices.
• Loan Defaults: Greenikk extended loans totaling ₹6 crore but encountered significant defaults from borrowers. Naushad reported spending six months attempting to recover about 80% of these receivables, highlighting ongoing challenges within the agritech sector regarding loan recoveries.
• Lack of Product-Market Fit: Cofounder Jacob Varghese noted that despite developing a comprehensive app and ecosystem, Greenikk struggled to establish itself beyond being seen as a vendor for working capital. This failure to find a sustainable product-market fit hindered its scalability and revenue generation.

Investor Impact

In light of its closure, Greenikk plans to return 50% of the capital to investors. The funds recovered from liquidation will primarily be used to repay its lead investor, 100Unicorns. The founders have also committed to using their own resources to pay back angel investors, reflecting an effort to maintain transparency amid the shutdown.

Employee Welfare

Greenikk has pledged support for its employees during this transition by providing two months’ severance pay and job placement assistance for nearly 25 affected staff members. At its peak, the company employed around 30 individuals but had been reducing its workforce in response to ongoing financial difficulties.

Broader Agritech Landscape

The challenges faced by Greenikk are indicative of broader trends within the agritech sector, which has seen a significant decline in venture capital interest. In 2024 alone, agritech startups raised only about $150 million across more than 30 deals—a stark contrast to the $772 million raised in 2022. This downturn underscores the increasing difficulties startups face in securing funding as market conditions evolve.

As Naushad and Varghese look toward their next entrepreneurial ventures, Greenikk’s story serves as a cautionary tale for other startups navigating the complexities of agritech investment and operational sustainability.