Ex-Soulfull MD Prashant Parameswaran Launches Arovia to Build Regional Food Brands Portfolio
Former Soulfull Managing Director Prashant Parameswaran has launched Arovia Consumer, a new e-commerce rollup venture. The company aims to acquire controlling stakes in established regional packaged food businesses.
Prashant Parameswaran, former managing director and co-founder of Soulfull, has launched Arovia Consumer, a new e-commerce rollup venture. The company intends to acquire controlling stakes in established regional packaged food businesses.
The new venture has secured a ₹100 crore (approximately $1.2 million) capital commitment from Fireside Ventures. The capital will be drawn down as Arovia closes acquisitions.
Arovia initially aims to acquire majority stakes in two to four regional packaged businesses. It plans to work with their promoter families to scale these brands beyond their home markets. Parameswaran anticipates further capital infusions as the portfolio expands.
Parameswaran believes many regional Indian food brands have loyal customer bases but struggle to expand nationally. Arovia will assist in scaling these businesses, while founders may retain operational or strategic roles. The company is also seeking operational synergies across its portfolio in procurement, manufacturing, and supply chains. Arovia is currently scouting for acquisitions in various Indian cities.