Farmley, a full-stack nuts and dry fruits brand, has raised USD 6 million in Series A funding. The round was led by DSG Consumer Partners and Alkemi Growth Capital alongside existing investors Omnivore, Insitor Partners, and other angel investors.
The startup was founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal. Farmley has built back-end linkages over the years with domestic as well as international farming communities to source the highest quality of nuts and dry fruits. The company had raised a prior seed round of USD 2 million in 2020 from Omnivore and Insitor.
“With deep customer insights and years of R&D, we have also developed five processing units in India. This has enabled Farmley to produce premium quality nuts and dry fruits and to provide them at accessible price points to its consumers. We have an assortment of over 100 products derived from nuts and dry fruits. The products range from trail mixes to 100 per cent maida-free pasta made from makhana to roasted munchies made from nuts,” the startup claims.
According to the nuts and dry fruits startup, in the last 18 months, it has scaled its revenues by 10x to become one of the leading players in this category. It has omnichannel distribution, and its products are available on all leading e-commerce and quick commerce platforms alongside retail stores across the top 20 Indian cities. It is also available in select international markets including the US, Middle East, and Australia. Farmley plans to utilise the funds for channel expansion, brand building, and team building.
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Akash Sharma & Abhishek Agarwal, Co-founders of Farmley said, “Nuts and dry fruits have become synonymous with festivities, good health, and great taste. We aim to blend them into the various eating occasions throughout the day and make each moment special and memorable.”
Hariharan Premkumar, Head of India at DSG Consumer Partners said, “This segment is large and the unorganised market makes up 95 per cent of the market. The products from the unorganised market suffer from quality, hygiene, and adulteration issues. The full backward integration at Farmley ensures premium quality produce and innovative product launches such as India’s first makhana pasta. The company is on a strong growth trajectory and the founders have built a stellar team with laser-focus on customer pain points.”
Dr Mansi Aggarwal, Partner at Alkemi Growth Capital said, “Consumers want quality products that are healthy, tasty and nutritious. The category is large with significant opportunities for more organised brands. Farmley is one of the fastest-growing brands in this segment and the team at the helm has grown the company to an impressive scale while building a sustainable supply chain.’’