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Farmley, a healthy snacking brand has raised $40 million in its series C funding round led by global consumer investment firm L Catterton.
The round also saw participation from other existing investors including DSG Consumer Partners.
The funding round included 70% new capital for the company, while the rest came from early investors like Insitor and Samunnati selling their shares, along with some ESOPs.
The startup last raised $6.7 million in a round led by BC Jindal Group. So far, it has raised about $55 million in total.
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The startup plans to use the funds to buy equipment, grow distribution across India, and increase exports.
“We will also invest in formulations and cutting-edge technologies to develop high-quality products with the right ingredients, health benefits, and taste,” cofounder Abhishek Agarwal said.
“We’ve been strong so far in the online space, including ecommerce and quick commerce. We’ve also entered offline distribution, including modern trade and general trade. The response has been very positive, so we plan to scale up that vertical in this financial year,” he said.
“Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category," said, Anjana Sasidharan, partner and head of India at L Catterton.
About Farmley
Founded in 2017 by Akash Sharma and Agarwal, the Noida-based Farmley sells a variety of snacks like makhana munchies, date bites, seeds, trail mixesand roasted nuts. It buys directly from about 5,000 farmers across different areas and runs five processing units.
The startup also plans to go global and has started testing its products in countries like the US, Australia, Canada and Singapore.
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