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Ex-Soulfull managing director and cofounder Prashant Parameswaran has launched Arovia Consumer, a new ecommerce rollup venture that intends to acquire controlling stakes in established regional packaged-food businesses. The new venture has secured a ₹100 Cr capital commitment from Fireside Ventures, with the investment to be drawn down as Arovia closes acquisitions. The startup is initially targeting to acquire majority stakes in two to four regional packaged businesses and subsequently working with their promoter families to scale beyond their home markets. Parameswaran expects additional capital to be infused as the portfolio expands. The startup is expected to ramp up its amalgamations in the next 6-12 months and is currently in discussions with multiple identified brands, Parameswaran told Inc42. He said that the startup is targeting businesses that have crossed ₹100 Cr in revenue and are cash-flow positive or profitable. He believes that while India's consumer market is full of food brands that have spent decades building loyal customer bases in their home markets but have struggled to make the leap from regional favourites to national businesses. Arovia will help scale these brands, while promoters may continue to play operational or strategic roles depending on the business. In some cases, promoters could eventually exit the businesses over a three-to-five-year period. The platform also plans to look for operational synergies across its portfolio, including procurement, manufacturing and supply chains. The startup is currently scouting in cities like Pune, Kochi, Coimbatore, Madurai, Mysuru, Mangalore, Surat and Indore, among others. Arovia marks Parameswaran's return to building consumer businesses after his decade-long journey with millet-based packaged food brand Soulfull, which he cofounded in 2013 with Rasika Prashant, K K Narayanan and Amith Sebastian. Tata Consumer Products (TCP) acquired 100% of its parent startup in February 2021 for ₹155.8 Cr (about $21.3 Mn), bringing Soulfull into its health and wellness portfolio, subsequently rebranding it as Tata Soulfull. Post the acquisition, Parameswaran joined TCP as the president of Tata Soulfull in September 2024, a position he held till December 2025.
document fetched 2026-09-30 03:02 · canonical https://inc42.com/buzz/ex-soulfull-md-prashant-parameswaran-launches-arovia-to-build-regional-food-brands-portfolio