Phab Secures $2 Million Seed Funding to Fuel Expansion in Healthy Snacking Market

Nutrition-first snacking brand Phab has raised $2 million in a seed funding round led by OTP Ventures, with support from Capri Global, Sim&San law firm, and several angel investors.

The Mumbai-based startup, founded in 2018 by husband-wife duo Ankit and Gayatri Chona, plans to channel the fresh capital into team expansion, capital expenditure, and strengthening its footprint across digital and offline retail channels.

Known for their success with Hocco Ice Cream and Huber & Holly, the Chonas launched Phab with a clear mission: to make healthy snacking indulgent and accessible. Gayatri, a certified nutritionist, and Ankit, a seasoned entrepreneur in the food sector, have combined their expertise to create a range of protein-rich products like bars and milkshakes — products that have already crossed two million units sold via Amazon, Flipkart, Zepto, Blinkit, and other platforms.

“We have always believed that healthy snacking should feel joyful, indulgent, and sustainable — not restrictive,” said Gayatri Chona. “This funding will help us scale with quality and innovation, building snacks that people actually want to eat.”

While Phab's operating revenue dipped by 12% to ₹5 crore in FY24, the company simultaneously narrowed its net loss by about 3% to ₹6.8 crore, signaling improved operational efficiencies, as per documents sourced via Tofler.

Looking ahead, the brand is eyeing a stronger push into quick commerce and deeper offline retail expansion. “This investment helps us lay the foundation to go deeper in quick commerce and digital, while also aggressively scaling offline across key markets," Ankit Chona added.

The broader Indian food and beverages market, projected to reach $68 billion, has seen a surge in demand for health-conscious, protein-rich snacks — with D2C brands like Phab, Yoga Bar, Beyond Snack, and The Whole Truth riding the wave of changing consumer habits.

Backing the brand's ambition, Suhail Sameer, founding partner at OTP Ventures, said, "We are big believers of the Indian consumer story, and Phab is exactly the kind of brand we love backing. It's bold, it's differentiated. We are thrilled to be a part of this journey."

With health and indulgence at the heart of its philosophy, Phab looks poised to carve out a significant slice of India's growing appetite for smarter, tastier snacking options.