Food startup Farmley D2C has raised $6 million in its Series A funding round, led by DSG Consumer Partners and Alkemi Growth Capital. Existing investors Omnivore, Insitor Partners, and a host of angel investors also participated in the round.
The family plans to utilize the funds for channel expansion, brand building, and team building. Encompassing current fundraising.
Farmley has raised a total of $8 million so far. In 2020, Farmley raised $2 million in its seed round of funding from Omnivore and Insitor.
Birth of Farmley: Reolutionizing Food Startups
Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, Farmley works with domestic and international farming communities to source quality nuts and dried fruits. It currently operates five processing units in India, follows an omnichannel distribution strategy, and sells its products through e-commerce marketplaces, quick-trade platforms, retail stores, and its website.
Farmley offers a range of over 100 nut and dried fruit products, right from trail mixes to maida-free kinds of pasta to roasted munchies.
Akash Sharma and Abhishek Agarwal, co-founders of Farmley, said, “Farmley is a consumer-focused brand. We are here to become a globally loved brand born in India, and the only way to do that is to put consumers first in our approach. We aim to incorporate them into various occasions throughout the day and make every moment special and memorable.”
Hariharan Premkumar, Head of India at DSG Consumer Partners, said, “We are excited to work with Akash and Abhishek on their mission. Full backward integration at Farmley ensures premium-quality products and the launch of innovative products such as Makhana pasta. The company is on a strong growth trajectory, and the founders have built a stellar team with a laser focus on customer pain points.”
Farmley claims to have increased its revenue 10x over the past 18 months. It currently operates in 20 Indian cities and also has a presence in the US, Middle East and Australia.
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In the D2C food and beverage sector, it competes with companies such as Happilo, iD Fresh Food, and Slurrp Farm, among others.
As per reports, India’s e-commerce sector is likely to become a $400 million market by 2030. Of this, the D2C segment is considered to be one of the fastest-growing sectors, having received $3.6 billion in funding since 2014.
