Indian Sweets Brand Khoya Raises Over ₹6 Crore From Riga Foods, Others

Khoya develops and produces premium traditional mithai and luxury confectionery products and sells direct to customers. Luxury mithais, a relatively new concept introduced about five years ago, can cost anywhere between ₹20,000-30,000 a kilogram.

The company plans to use the funds for development of new products as well as expansion into new categories of related consumer products. It will expand its retail presence in other metros across India and foray into international markets.

The company competes with Gur Chini, Arq Mithai, Meethi, Bombay Sweet Shop and others and sells its products online and some stores at retail spaces and hotels.

Khoya, the company’s founder Sid Mathur said, was launched in 2016 with the vision to make mithai ‘exciting again’, by using natural ingredients, and each piece is carefully handcrafted, tastefully arranged and beautifully packed. The company said it has clients like Louis Vuitton, Cartier, Good Earth, Lexus and others.

Mathur said, “Khoya was a passion project, and we took our time to build it. We dived deep into the history, travelled, searched for ingredients, worked hard on recipe development, and spent months on packaging. The product spoke for itself, and Khoya has grown organically through only reinvestment of profits. With this capital raise, we will be able to take the brand to a new level, expanding our kitchens, teams & distribution both in India as well as internationally."

Co-founder of Riga Foods, Dalmia said: “For me, this brand has always been the benchmark of luxury mithai, and we are thrilled to be part of their journey. With obvious synergies of catering, kitchens and restaurants, we have a head start on this relationship, and can’t wait to see this company grow."

According to industry estimates, the organised Indian sweets and premium gifting market will be around ₹15,000 crore by 2028.