Parle Products, one of the largest domestic snacks businesses in India, has invested in WIMWI Foods, a local supplier of granola bars.
WIMWI Foods is the business behind the fledgling ASAP (or As Simple As Possible) bar brand. Set up in Bengaluru in 2014, WIMWI Foods attracted its first batch of funding in 2016 but founders Srishti Shaw and Kanupradeep Subramanian talked up the backing of Parle.
In a statement, the founders said: “The investment from Parle biscuits is validation of the team’s vision of ASAP bars as a brand and product. As strategic investors with immense repute, Parle brings formidable experience to the table, which will go a long way in building ASAP bars going ahead.”
Biscuits is Parle’s principal product area. The company is India’s largest biscuit manufacturer and the products account for 70% of its annual sales.
Mayank Shah, senior category head at Parle, outlined the part of the market WIMWI was targeting with its products.”ASAP bars offers a strong value proposition for the young urban segment. By using premium quality ingredients and a focussed channel strategy, ASAP bars have differentiated themselves from similar offerings in the market. The team at ASAP bars is doing a wonderful job in building up the brand, and we would like to help them take the brand to the next level with our expertise.”
The terms of the investment were not disclosed.