Existing investors Omnivore, Insitor Partners and a number of angel investors also participated in the round
Farmley plans to use funds for channel expansion, brand and team building
Farmley partners with domestic and international farming communities to source high-quality nuts and dried fruit
D2C food startup Farmley has raised $6 million in a Series A round led by DSG Consumer Partners and Alkemi Growth Capital.
Existing investors Omnivore, Insitor Partners and a slew of angel investors also participated in the round.
Farmley plans to use the funds for channel expansion, brand building and team building.
Including the current fundraising campaign, Farmley has raised $8 million to date.
“We are delighted to be partnering with Akash and Abhishek to accomplish their mission. Farmley’s full backwards integration ensures the launch of premium products and innovative products such as makhana pasta. Hariharan Premkumar, head of India at DSG Consumer Partners, said the company is On a strong growth trajectory, the founders have built a great team focused on customer pain points.
Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, Farmley works with domestic and international farming communities to source high-quality nuts and dried fruits. It currently operates five processing units in India.
Farmley offers over 100 products derived from nuts and dried fruits, from assorted dried fruits to maida-free pasta to baked snacks and more.
“Farmley is a consumer-centric brand. We are here to be a globally loved brand, born in India, and putting the consumer first in our approach is the only way to make it happen. Co-founder of Farmley Akash Sharma and Abhishek Agarwal say our goal is to incorporate them into various occasions throughout the day, making every moment special and memorable.
In 2020, Farmley raised $2 million in its seed round from Omnivore and Insitor.
Farmley claims to have grown its revenue tenfold over the past 18 months. It currently operates in 20 cities in India, as well as in the US, the Middle East and Australia, the statement said.
Therefore, it follows an omni-channel distribution strategy and sells its products through e-commerce marketplaces, express commerce platforms, retail stores and its own website.
In the D2C food and beverage space, it competes with the likes of Happilo, iD Fresh Food and Slurrp Farm.
According to a report by Inc42, the e-commerce industry in India could become a $400 million market by 2030. Among them, the D2C segment is considered to be one of the fast-growing industries, having received $3.6 billion in funding since 2014.
Source of information: Compiled from INC42 by 0x Information.The copyright belongs to the author Jaspreet Kaur and may not be reproduced without permission