Adukale, a D2C snacks brand, has secured INR 11 crore (around $1.3 million) in its pre-Series A funding. Force Ventures spearheaded the investment round, with contributions from Aanya Ventures and notable angel investors including Subrata Mitra and Radhika Pandit.
The startup will utilize the capital to invest in manufacturing and research and development (R&D). Additionally, a portion of the fresh proceeds will be deployed to scale up the number of physical outlets, expand the distribution network, and facilitate greater brand visibility.
Established in 2009 by Nagaratna Ravindra, Malathi Sharma, and MS Ravindra, Adukale operates as an omnichannel snacking brand, offering a range of namkeens, blended spices, and instant food items. With a lineup surpassing 75 products, the startup runs over 20 ‘Adukale Experience Stores’ throughout Bengaluru and Mysore.
In addition to its own website, Adukale distributes its products through traditional and modern trade channels, as well as across various ecommerce and quick commerce platforms.
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“This investment underscores the brand’s growth potential as a top omnichannel player in its category, showcasing confidence in its future direction. The secured funding will be instrumental in expanding our brand’s channel presence, enhancing visibility, and fostering deeper engagement with our target audience,” stated Vinay Gopinath, Chief Growth Officer at Adukale.
Regarding the fundraise, Karthik Bhat, founder of Force Ventures, remarked, “Our partnership with Adukale reflects a mutual aspiration to lead the traditional snacks category by 2025 and to serve as stewards of Karnataka’s culinary legacy, showcasing it on a global platform.”
This comes at a time when the homegrown D2C snacking space is witnessing intense competition due to the emergence of a number of new startups. Companies like TagZ Foods, Beyond Snacks, and Gladful are creating a niche and catering to a wide variety of customers.
These brands target the Indian snacking market, which, according to reports, is forecasted to reach a staggering size of INR 95,521 Cr by 2032. This presents a significant opportunity for both established players and newcomers in this rapidly expanding sector.
Consequently, the sector has attracted considerable attention from investors. Numerous venture capital and private equity firms have recently supported emerging players within the ecosystem.
In December last year, Farmley secured $6.7 million in its pre-Series B funding round, led by BC Jindal Group. Before that, in November, snacks startup PatilKaki secured funds in a round led by Cap70 Angels.
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