Moi Soi, a pan-Asian foods and beverages brand of Ceres Foods, has secured investment from Wipro Consumer Ventures.
The venture arm of India FMCG major Wipro Consumer Care & Lighting did not disclose the financial terms of the investment in a statement. The round also featured another venture-capital firm GVFL.
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Moi Soi was founded in October 2021 and specialises in ready-to-cook (RTC) meals. The company’s portfolio consists of more than 32 products, including sauces, chilli oils, noodles, rice papers, ready-to-eat curries and Asian beverages.
It also includes popping boba drinks and matcha powder in single-serve formats.
The brand is present across quick-commerce, D2C and modern trade in India, including Reliance and DMart. It is also available in international markets such as Australia, South Africa, Dubai and Germany.
Moi Soi founder Deb Mukherjee said: “India has evolved. The way we dine today, sushi next to a Thai curry, dim sums and noodles on the same table, tells you the Indian palate has moved well beyond Indo-Chinese.
“Moi Soi was built to bring that authentic, multi-cuisine experience home. With GVFL and Wipro Consumer Ventures alongside us, we will build the new modern Asian foods and beverages category in India and make Moi Soi a pantry essential in every Indian household.”
The company currently delivers to “2,000+ pin codes across 250 cities in India” dispatching over 600,000 products a month.
In a LinkedIn post, Wipro Consumer Ventures managing partner Sumit Keshan said Mukherjee has a “deep understanding” of the consumer palate.
“Right from our first meeting, [I] had decided to partner with him, given the positioning, potential, and execution – they have doubled their monthly revenues in [the] last 6 months. Also happy to invest along with GVFL,” Keshan added.
Moi Soi plans to use the proceeds to “deepen distribution” across trade and quick-commerce, expand its portfolio with “innovative flavours” and further build the brand.
Wipro Consumer Care Ventures was founded in 2019 and backs emerging consumer brands across India and Southeast Asia.
The deal marks the first investment from Wipro Consumer Care Ventures’ Fund II.
