Soulfull co-founder launches Arovia with ₹100 crore from Fireside
Kalpana Maurya
1 Oct 2026 · 2 min read
Prashant Parameswaran, who co-founded millet food brand Soulfull and sold it to Tata Consumer Products, has launched Arovia Consumer to buy controlling stakes in profitable regional packaged-food companies. Fireside Ventures has committed ₹100 crore, to be drawn down as deals close.
Prashant Parameswaran, co-founder and former managing director of Soulfull, has launched Arovia Consumer, a platform that will buy controlling stakes in established regional packaged-food businesses and help them grow beyond their home markets. Fireside Ventures has committed ₹100 crore to the venture, Business Standard and Inc42 reported on 28 and 29 September 2026.
The money will be drawn down as Arovia completes acquisitions rather than invested upfront. Parameswaran expects more capital to come in as the portfolio grows.
What the money is for
Arovia initially plans to take majority stakes in two to four regional packaged-food companies, then work with the promoter families to take them beyond their home markets. Parameswaran told Inc42 the company is already talking to several brands and expects to step up deal-making over the next six to twelve months.
It is looking for businesses with more than ₹100 crore in revenue that are either profitable or cash-flow positive. Its search covers cities such as Pune, Kochi, Coimbatore, Madurai, Mysuru, Mangalore, Surat and Indore.
The thesis is that India has many food brands with decades of loyal local customers, working distribution and supply chains, which have still struggled to become national names. Founders may keep operating or strategic roles after Arovia invests, or in some cases exit over three to five years. Arovia also wants to find savings across its portfolio in procurement, manufacturing and supply chains.
The Soulfull track record
Arovia marks Parameswaran's return to building consumer businesses after a decade-long run with Soulfull, the millet-based packaged food brand he co-founded in 2013 with Rasika Prashant, K K Narayanan and Amith Sebastian.
Tata Consumer Products bought 100% of Soulfull's parent company in February 2021 for ₹155.8 crore (about $21.3 million) and later renamed the brand Tata Soulfull. Parameswaran went on to serve as president of Tata Soulfull at Tata Consumer Products from September 2024 until December 2025, according to Inc42.
Rather than starting another brand from scratch, Arovia is a bet on buying and scaling businesses that already have products and loyal buyers.
Key facts
- Company: Arovia Consumer
- Founder: Prashant Parameswaran (co-founder and ex-MD, Soulfull)
- Model: controlling stakes in regional packaged-food businesses
- Capital: ₹100 crore commitment
- Investor: Fireside Ventures
- Targets: ₹100 crore+ revenue, profitable or cash-flow positive
- Initial portfolio: two to four businesses
- Announced: 28 September 2026
Frequently asked questions
What is Arovia Consumer?
A platform launched by Prashant Parameswaran to acquire majority stakes in established regional packaged-food businesses and scale them nationally.
How much has Arovia raised?
It has a ₹100 crore capital commitment from Fireside Ventures, to be drawn down as acquisitions close.
Who founded Arovia?
Prashant Parameswaran, who co-founded Soulfull in 2013 and later led Tata Soulfull at Tata Consumer Products.
What kind of companies will Arovia buy?
Regional packaged-food businesses with over ₹100 crore in revenue that are profitable or cash-flow positive, in cities such as Pune, Kochi, Coimbatore and Indore.
