Direct-to-consumer (D2C) snacking brand Farmley has raised $6.7 Mn (INR 55.6 Cr) in a Pre-Series B funding round led by BC Jindal Group, with participation from existing investors DSG Consumer Partners, Omnivore and Alkemi Partners.
The New Delhi-based D2C brand will deploy the fresh proceeds for product innovation, diversifying distribution channels and amplifying brand building.
Founded by Akash Sharma and Abhishek Agarwal in 2017, Farmley offers dry fruits and nuts in different flavours and snacking formats such as roasted peri peri makhanas, thai chilli cashews and date bites, among others.
It is available on all ecommerce and quick commerce channels like Amazon, Flipkart, Blinkit, Zepto, Instamart and Big Basket. It is also present in over 10,000 retail outlets across 50 Indian cities and aims to deepen its presence across offline retail touchpoints.
The startup has also onboarded former Indian cricket captain Rahul Dravid as its brand ambassador.
It claims to have crossed the annual recurring revenue (ARR) of INR 300 Cr, growing by over 400% for the past two years. It has also turned EBITDA positive.
“This new round of investment brings us a step closer to our mission of becoming a household brand and contributing to a healthier world. These funds will play a pivotal role in fuelling our product innovation efforts, in diversifying distribution channels and in amplifying the brand-building efforts,” Sharma said.
“With the increasing awareness about health and wellness, consumers are looking for options that not only taste good but also provide nutritional value. This fresh infusion of funds will allow us to take our brand to new heights and reach a wider audience of snack enthusiasts,” Agarwal said.
Earlier in 2022, Farmley raised $6 Mn in its Series A funding round led by DSG Consumer Partners and Alkemi Growth Capital.
India’s D2C market is likely to reach a size of $100 Bn by 2025. According to Inc42’s analysis, while the beauty and personal care (28.6%) segment tops the D2C market in India, it is closely followed by the food and beverages (F&B)industry at 27%. The F&B segment is expected to grow to $68 Bn by 2030.
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