Healthy snacking brand Farmley has raised $6.7 Mn in a pre-Series B round led by BC Jindal Group with participation from existing investors DSG Consumer Partners, Omnivore and Alkemi Partners.
DSG and Alkemi had led a $6 million Series A round in Farmley in August last year. It also raised $2 million in a seed round in 2020 from Omnivore and Insitor.
The new round will help Farmley deepen its presence across the offline retail touchpoints and intensify brand-building efforts, the company said in a press release. The brand recently roped in former Indian cricketer Rahul Dravid as its brand ambassador.
Founded by Akash Sharma and Abhishek Agrawal in 2017, Farmley has built backend linkages with domestic as well as international farming communities to source nuts and dry fruits.
It offers over 100 products that are available on e-commerce & quick commerce channels like Amazon, Flipkart, Blinkit, Zepto, Instamart and BigBasket. It is also present across more than 10,000 retail outlets in the top 50 Indian cities.
The firm claims that it has registered a revenue of around Rs 150 crore in FY23 and crossed Rs 300 crore ARR milestone growing by over 400% over the last two years. According to the company, it has also turned EBITDA positive.
Besides India, Farmley has a presence in the US, the Middle East, and Australia.
It competes with Happilo and True Elements, which also got backing from large groups. Last year, Happilo scooped up $25 million from Motilal Oswal PE (MOPE) whereas Marico picked up a 53.98% stake in True Elements.
