Zoff, a leading spices brand, announced today the successful raise of INR 400 million from JM Financial Private Equity through the JM Financial India Growth Fund III. This significant funding round marks a new chapter in Zoff’s growth journey as the company prepares to launch new products and expand its business into emerging segments, including ready-to-cook meals, condiments, cooking pastes, and seasoning kits.
With the fresh infusion of capital, Zoff plans to bolster its offline distribution network, focusing on general trade, modern trade channels, and retail outlets across the country. The brand is also set to enhance its marketing initiatives to increase its presence across various platforms, aiming to build a robust offline network that will not only boost domestic trade but also elevate the brand’s export potential.
Zoff has quickly emerged as one of India’s pioneering new-age e-commerce brands in the spices segment, establishing a formidable online presence with a strong emphasis on Q-commerce. This focus has positioned the brand as a major player in the spices market, enabling it to achieve profitable revenue growth over the years. With the latest funding, Zoff is poised to take its business to the next level, adopting a comprehensive 360-degree growth strategy. The company is determined to deepen its reach across India, particularly in Tier-II and Tier-III towns.
Founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, Zoff has already made significant strides in the industry. The brand gained national attention when it secured funding from Aman Gupta, Co-Founder & CMO of Boat, during an appearance on Shark Tank India. The Agrawal brothers are now focused on making Zoff India’s leading online spices brand and the third major national brand after Everest and MDH. Their vision and determination continue to fuel the company’s impressive growth and success.
“Securing funding from JM Financial Private Equity is a significant milestone for us,” said Mr. Akash Agrawal, Co-Founder of Zoff. “Our company has witnessed exponential growth in the last couple of years and this investment will further drive us to scale our operations and expand our reach simultaneously. At Zoff, our state-of-the-art, automated plant with upgraded technology makes our commitment to deliver safe and hygienic products to our consumers.”
He further added, “Millennials and Gen Zs are emerging as active decision-makers in their households. With our strong e-commerce presence and a new-age brand positioning, we are well poised to become a trusted choice for this fast-growing segment. The capital infusion and partnership with JM Financial Private Equity will help us fast-track our current and future expansion plans. Our focus is on becoming one of India’s top, trusted food brands.”
Mr. Darius Pandole, Managing Director & CEO, Private Equity & Equity AIFs, JM Financial, commented on the investment, saying, “The branded spices segment has emerged as one of the most attractive categories within the food space. The Indian spices market is highly fragmented and we are witnessing a structural shift in consumption from the unorganized to the organized market, owing to factors like hygiene, quality, and a general rise in health awareness in a post-Covid world. Zoff, a leading online spice brand, has secured a favorable presence across all major online platforms in India, positioning itself as a brand of premier choice in the spices segment. We strongly believe that Zoff can emerge as one of the leading spices brands in the future.”
This is the second primary infusion after Shark Tank for Zoff. Mosaic Capital Services Private Limited (‘Mosaic Capital’) acted as the exclusive financial advisor to Asquare Food & Beverages Private Limited in this deal with JM Financial Private Equity.
Zoff distinguishes itself in the industry with its fully automated manufacturing unit and the use of cold grinding technology, which helps preserve the flavor and aroma of raw spices. The brand’s innovative multi-layered ziplock packaging ensures that the spices remain fresh for an extended period, setting new standards in the market.
