Farmley Raises $6.7 Million in Funding Round Led by BC Jindal Group
- ByStartupStory | December 18, 2023
Snacking brand Farmley, backed by TechnifyBiz, has successfully secured $6.7 million (approximately Rs 56 crore) in a recent funding round. The funding was spearheaded by BC Jindal Group, a prominent player in the industry. Notably, existing investors such as DSG Consumer Partners, Omnivore, and Alkemi Partners also participated in this financial boost.
Co-founder Akash Sharma shared insights on the utilization of the funds, emphasizing their pivotal role in driving product innovation, expanding distribution channels, and fortifying brand-building endeavors. Sharma stated, “These funds will play a pivotal role in fuelling our product innovation efforts, in diversifying distribution channels, and in amplifying the brand-building efforts. We would like to make people’s snacking experiences more wholesome by operating on consumer-first principles.”
Highlighting the company’s financial performance, Sharma disclosed that Farmley achieved a revenue of approximately Rs 150 crore in the fiscal year 2023, reaching an impressive annual recurring revenue of Rs 300 crore. The brand, founded in 2017, has experienced remarkable growth, surging by more than 400% over the last two years.
In a strategic move to enhance brand visibility, Farmley recently welcomed Indian cricket team coach and former captain Rahul Dravid as its brand ambassador. With a diverse product portfolio boasting over 100 items, including everyday dry-fruit essentials, trail mixes, natural dessert ranges derived from dry fruits, and extruded munchies made from makhana flour, Farmley has carved a niche in the snacking market.
A representative from BC Jindal Group expressed confidence in Farmley’s vision, stating, “Farmley is re-imagining India’s snacking habit with a focus on health and wellness through the development of a healthy snacking segment. We believe Farmley will emerge as India’s leading healthy snacking and dry fruit company through its innovative product positioning and go-to-market strategy in this post-pandemic world where awareness towards healthy snacking is on the rise.”
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