Farmley, a healthy snacking brand, has raised $6.7 million in a pre-Series B round led by BC Jindal Group, with participation from existing investors DSG Consumer Partners, Omnivore, and Alkemi Partners.
In August last year, Farmley secured $6 million in a Series A round led by DSG and Alkemi. Furthermore, in 2020, the company had previously raised $2 million in a seed round with support from Omnivore and Insitor.
According to a press release, the latest funding round will enable Farmley to expand its footprint in offline retail channels and enhance its brand-building initiatives. The company has recently enlisted former Indian cricketer Rahul Dravid as its brand ambassador.
Continue Exploring: Farmley joins forces with cricket legend Rahul Dravid as brand ambassador, reinforcing commitment to quality and authenticity
Established in 2017 by Akash Sharma and Abhishek Agrawal, Farmley has established backend connections with both domestic and international farming communities to procure nuts and dry fruits.
Providing a diverse range of over 100 products, Farmley is accessible through various e-commerce and quick commerce platforms such as Amazon, Flipkart, Blinkit, Zepto, Instamart, and BigBasket. The brand is also distributed through an extensive network, reaching over 10,000 retail outlets in the top 50 cities across India.
The company asserts that it has achieved a revenue of approximately INR 150 crore in the fiscal year 2023 and surpassed the INR 300 crore Annual Recurring Revenue (ARR) milestone, marking a growth of over 400% in the past two years. Additionally, the company reports having achieved a positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
In addition to its operations in India, Farmley has established a footprint in the United States, the Middle East, and Australia.
It competes with Happilo and True Elements, both of which have received backing from major entities. Happilo secured $25 million from Motilal Oswal PE (MOPE) last year, while Marico acquired a 53.98% stake in True Elements.