The healthy snacking brand Farmley has achieved a remarkable milestone by securing an impressive $6.7 million in pre-Series B funding. This achievement was made possible through the dedicated efforts of the esteemed BC Jindal Group, who took the lead in spearheading this funding round. Furthermore, it is worth noting that this round received unwavering support from esteemed existing investors such as DSG Consumer Partners, Omnivore, and Alkemi Partners.
Farmley was fortunate enough to have secured a $6 million Series A round, which DSG and Alkemi led in August of the previous year. Additionally, they obtained $2 million in a seed round in 2020, thanks to the support of Omnivore and Insitor.
This new injection of funds will allow Farmley to expand its presence in offline retail touchpoints and strengthen brand-building efforts, as stated in the company's official press release. It's worth mentioning that the brand has recently appointed former Indian cricketer Rahul Dravid as its brand ambassador.
Farmley, which was established in 2017 by Akash Sharma and Abhishek Agrawal, has made deliberate efforts to establish connections with farming communities, both locally and internationally, to acquire high-quality nuts and dry fruits.
Farmley has a wide range of products, with more than 100 options, and has managed to establish a strong presence on popular e-commerce and quick-commerce platforms such as Amazon, Flipkart, Blinkit, Zepto, Instamart, and BigBasket. Moreover, it has a strong presence in over 10,000 retail outlets across the major cities of India.
Farmley proudly announces its substantial financial growth, with an estimated revenue of approximately Rs 150 crore in FY23. Additionally, the company has accomplished an impressive milestone by surpassing the Rs 300 crore Annual Recurring Revenue (ARR) threshold, showcasing an extraordinary growth rate of over 400% in the past two years. Moreover, the company is delighted to declare its achievement of positive EBITDA.
Founders of Farmley
Farmley extends its reach to the United States, the Middle East, and Australia, in addition to India's borders.
In the competitive market, Farmley has competitors like Happilo and True Elements, which have received significant investments. Happilo received $25 million from Motilal Oswal PE (MOPE) last year, and Marico acquired a 53.98% stake in True Elements, highlighting the ever-changing nature of the healthy snacking industry.
To sum up, Farmley's recent achievement in securing funding puts the brand in a favourable position for extended market impact and ongoing growth. This is further strengthened by its strategic partnerships and strong financial performance.
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