Farmley has successfully raised $6.7 million in a Pre-Series B funding round, with BC Jindal Group leading the investment charge. The funding round also saw participation from existing backers, including DSG Consumer Partners, Omnivore, and Alkemi Partners, underscoring confidence in Farmley’s growth prospects.
Founded in 2017 by Akash Sharma and Abhishek Agrawal, Farmley has carved a niche for itself by establishing robust backend linkages with both domestic and international farming communities. The brand specializes in sourcing high-quality nuts and dry fruits, offering a diverse portfolio of over 100 products available on various e-commerce and quick-commerce channels, including Amazon, Flipkart, Blinkit, Zepto, Instamart, and BigBasket.
The newly secured funds are earmarked for a strategic expansion plan, focusing on deepening Farmley’s presence across offline retail touchpoints and intensifying brand-building initiatives. The company, in a recent press release, highlighted its recent coup in appointing former Indian cricketer Rahul Dravid as its brand ambassador, signaling a strategic move to enhance brand visibility.
Farmley’s financial performance has been remarkable, with reported revenue hitting approximately Rs 150 crore in FY23. Impressively, the company has crossed the Rs 300 crore Annual Recurring Revenue (ARR) milestone, reflecting a remarkable growth rate of over 400% in the last two years. Furthermore, Farmley has announced that it has achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA).
Apart from its stronghold in the Indian market, Farmley has successfully expanded its footprint internationally, with a presence in the United States, the Middle East, and Australia. This global reach positions Farmley as a formidable player in the healthy snacking sector.
While Farmley celebrates its recent funding success, it faces competition from industry peers like Happilo and True Elements. Happilo, having secured $25 million from Motilal Oswal PE (MOPE) last year, and True Elements, with a 53.98% stake acquisition by Marico, represent formidable contenders in the healthy snacking market.
The infusion of $6.7 million in fresh capital is anticipated to propel Farmley to new heights, providing the necessary fuel for its ambitious expansion plans. As the brand continues to strengthen its distribution network, diversify its product offerings, and uphold its commitment to quality sourcing, Farmley is poised for sustained success in the competitive healthy snacking landscape. Investors and industry observers will be keenly watching as Farmley leverages this capital injection to deepen its impact on consumers both within India and on the global stage.
