Farmley Secures $ 6.7 Million Funding Led by BC Jindal Group
Farmley, a snacking brand supported by TechnifyBiz, has effectively raised $6.7 million (around Rs 56 crore) in its latest funding cycle. The primary investment came from BC Jindal Group, a significant figure in the field. Noteworthy, prior investors including DSG Consumer Partners, Omnivore, and Alkemi Partners also joined in this financial upswing.
Co-Founder Akash Sharma highlighted the strategic allocation of the raised funds, emphasizing their pivotal role in driving product innovation, expanding distribution channels, and strengthening brand-building initiatives. Sharma emphasized, "These funds will significantly fuel our efforts in innovating products, diversifying distribution channels, and amplifying brand-building initiatives. Our focus remains on enhancing consumers' snacking experiences through a consumer-centric approach".
Regarding Farmley's financial performance, Sharma revealed that in the fiscal year 2023, the brand achieved a revenue of about Rs 150 crore, leading to an impressive annual recurring revenue of Rs 300 crore. Founded in 2017, Farmley has witnessed remarkable growth, surging by over 400% in the last two years. To enhance brand visibility, the company recently appointed former Indian cricket team captain Rahul Dravid as its brand ambassador. With a diverse product line encompassing more than 100 items, including essential everyday dry fruits, trail mixes, natural dessert ranges sourced from dry fruits, and extruded munchies made from makhana flour, Farmley has established a distinct position in the snacking market.
A spokesperson from BC Jindal Group expressed confidence in Farmley's vision, stating, "Farmley is reshaping India's snacking culture by prioritizing health and wellness in the development of a healthy snacking segment. We believe Farmley will emerge as a leading healthy snacking and dry fruit company in India, leveraging its innovative product positioning and effective go-to-market strategy, especially in a post-pandemic scenario where awareness and demand for healthy snacking are rising".
Co-Founder Akash Sharma highlighted the strategic allocation of the raised funds, emphasizing their pivotal role in driving product innovation, expanding distribution channels, and strengthening brand-building initiatives. Sharma emphasized, "These funds will significantly fuel our efforts in innovating products, diversifying distribution channels, and amplifying brand-building initiatives. Our focus remains on enhancing consumers' snacking experiences through a consumer-centric approach".
Regarding Farmley's financial performance, Sharma revealed that in the fiscal year 2023, the brand achieved a revenue of about Rs 150 crore, leading to an impressive annual recurring revenue of Rs 300 crore. Founded in 2017, Farmley has witnessed remarkable growth, surging by over 400% in the last two years. To enhance brand visibility, the company recently appointed former Indian cricket team captain Rahul Dravid as its brand ambassador. With a diverse product line encompassing more than 100 items, including essential everyday dry fruits, trail mixes, natural dessert ranges sourced from dry fruits, and extruded munchies made from makhana flour, Farmley has established a distinct position in the snacking market.
A spokesperson from BC Jindal Group expressed confidence in Farmley's vision, stating, "Farmley is reshaping India's snacking culture by prioritizing health and wellness in the development of a healthy snacking segment. We believe Farmley will emerge as a leading healthy snacking and dry fruit company in India, leveraging its innovative product positioning and effective go-to-market strategy, especially in a post-pandemic scenario where awareness and demand for healthy snacking are rising".
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