Farmley, a rapidly growing healthy snacking brand in India, announced that it has completed a $42 million Series C fundraise led by L Catterton. And existing shareholders such as DSG Consumer Partners also participated in the fundraise.
What the funding will be used for: The funding positions Farmley to further scale the briskly evolving dried fruits and nuts segment of the country’s healthy snacking market.
Value proposition: India’s healthy snacking market’s dried fruits and nuts segment is expected to expand significantly over the next 6 years. This includes consumers’ increasing propensity to swap unhealthy snacks for healthier ones and eat these snacks not only when they feel peckish but also to meet other needs like post-workout nourishment and small meal replacement.
Consumers are also increasingly opting for branded snacks that provide consistent quality via organized sales channels with better hygiene standards than unorganized ones, just like they have in other packaged food categories.
Momentum: Farmley has become the fastest-growing brand in its category by providing a diverse portfolio of wholesome, better-for-you snacks via its omnichannel distribution network. Looking to redefine the future of healthy snacking through innovative products, the company crafts indulgent yet guilt-free snacks based on the goodness of dried fruits and nuts. This include India’s widest range of flavoured makhanas, as well as trail mixes, date bites, and seeds which have garnered market-leading advocacy rates.
Highlighting Farmley’s growing appeal, its revenue has risen by approximately 55% annually over the past two years to reach around $41 million. The company has also generated such momentum while also achieving profitability.
KEY QUOTES:
“We are committed to reimagining snacking for the modern Indian consumer, transforming what was once considered mere convenience food into a wholesome delightful experience. We are thrilled to partner with L Catterton as its differentiated combination of global and local insights into our industry, as well as proven operating capabilities will be instrumental as we continue revolutionizing the healthy snacking landscape in India. Our roadmap includes penetrating untapped regional markets, developing cutting-edge product formulations that blend nutrition with exceptional taste, and leveraging advanced food technology to create snacks that truly nourish both the body and the palate.”
Farmley Co-Founders Akash Sharma and Abhishek Agarwal
“Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category. We are excited to collaborate with the talented team at Farmley to further realise the company’s potential by drawing on our experience in building multiple food brands across the world.”
L Catterton Partner and Head of India Anjana Sasidharan
