Omnivore led $9 M funding raised by craft chocolate company Manam Chocolate
The Turner Morrison consortium participated in a $9 million fundraising round led by Omnivore for the craft chocolate company Manam Chocolate.
According to a news release, the company plans to utilize the profits to enter new markets, add new product categories, and increase its retail base to 18 locations over the next two years.
Manam Chocolate, a bean-to-bar chocolate company founded in 2021 by Chaitanya Muppala, uses Indian cacao to create craft chocolate.
In addition to making retail chocolates, the company produces chocolates for the HoReCa (hotels, restaurants, and cafés) industry and exports fine-flavored cocoa beans.
The majority of the company’s products are intended for gift-giving. Currently, chocolate and gift items—including corporate, social, and personal gifts—account for about 65% of its earnings.
Manam Chocolate sells through direct-to-consumer (D2C) channels and online marketplaces, including quick-commerce platforms, in addition to its physical storefronts. Nonetheless, its retail locations account for almost 80% of its sales.
At the moment, the business runs three retail locations in Hyderabad and the Delhi-NCR area. Additionally, it collaborates with a network of approximately 250 farmers in Andhra Pradesh who grow more than 3,000 acres of cocoa.
Manam Chocolate has competition in the premium chocolate market from Paul and Mike in Kerala, Mason & Co. in Tamil Nadu, and Smoor, which is supported by Rebel Foods.
