In a pre-Series B investment headed by BC Jindal Group and including current investors DSG Consumer Partners, Omnivore, and Alkemi Partners, the healthy snack company Farmley raised $6.7 million.
In August of last year, DSG and Alkemi had led a $6 million Series A investment at Farmley. Additionally, it received $2 million from Omnivore and Insitor in a seed round in 2020.
According to a press release from the company, the new funding will enable Farmley to strengthen its brand-building initiatives and expand its presence across physical retail touchpoints. Rahul Dravid, a former Indian cricket player, has joined the brand as a brand ambassador.
In order to obtain nuts and dried fruits, Farmley—which was founded in 2017 by Abhishek Agrawal and Akash Sharma—has established backend connections with both domestic and foreign farming communities.
It provides more than 100 products that may be purchased through fast-moving consumer goods sites including Amazon, Flipkart, Blinkit, Zepto, Instamart, and BigBasket. Additionally, it may be found at over 10,000 retail locations in the top 50 Indian cities.
The company states that it grew by more than 400% over the previous two years, recording revenue of almost Rs 150 crore in FY23 and surpassing the Rs 300 crore ARR milestone. The company claims that it has also achieved positive EBITDA.
Farmley is present in the US, Australia, and the Middle East in addition to India.
Its rivals include True Elements and Happilo, both of which received support from sizable organizations. Happilo received $25 million from Motilal Oswal PE (MOPE) last year, while Marico acquired a 53.98% share in True Elements.
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