In a pre-Series B round headed by BC Jindal Group and including current investors DSG Consumer Partners, Omnivore, and Alkemi Partners, the healthy snack brand Farmley raised $6.7 million.
In August of last year, DSG and Alkemi had led a $6 million Series A round 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 offline retail touchpoints. Rahul Dravid, a former Indian cricket player, has joined the brand as a brand ambassador.
Established in 2017 by Abhishek Agrawal and Akash Sharma, Farmley has established backend connections with both local and foreign farming communities in order to procure nuts and dry fruits.
It sells more than 100 products that can be found on e-commerce and fast-commerce platforms like BigBasket, Amazon, Flipkart, Blinkit, Zepto, and Instamart. In the top 50 Indian cities, it is also available at over 10,000 retail locations.
According to the company, its revenue in FY23 was approximately Rs 150 crore, and it achieved the milestone of Rs 300 crore ARR, growing by more than 400% in the previous two years. The business claims that it has also made EBITDA positive.
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 MOPE last year, while Marico acquired a 53.98% share in True Elements.
