, Noida-based full-stack nuts and dry fruits startup, has raised $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.
As per the official release, Farmley plans to utilise the funds for channel expansion, brand building, and team building.
Akash Sharma and Abhishek Agarwal, Co-founders of Farmley, said,
“Farmley is a consumer-centric brand at heart. We are here to become a globally loved brand, born in India and being consumer-first in our approach is the only way to achieve it. 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.”
Image source: Shutterstock
Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, Farmley has worked on building deep backend linkages over the years with domestic as well as international farming communities to source high-quality nuts and dry fruits. With deep customer insights and years of R&D, the startup has also developed five processing units in India to enable Farmley to produce premium quality nuts and dry fruits, and provide them at accessible price points to consumers.
In 2020, the company raised a seed round of $2 million from Omnivore and Insitor.
Farmley has an assortment of over 100 products derived from nuts and dry fruits. The startup’s product assortment includes trail mixesm maida-free pasta made from makhana, and roasted munchies made from nuts.
In the last 18 months, Farmley has scaled its revenues by 10X. The startup has an omnichannel distribution, and its products are available on all ecommerce and commerce platforms alongside retail stores across 20 Indian cities. It is also available in select international markets including the US, Middle East, and Australia.
Hariharan Premkumar, Head of India at DSG Consumer Partners, said,
“This segment is large and the unorganised market makes up 95 percent 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.”
“Consumers want quality products that are healthy, tasty, and nutritious. The category is large with significant opportunities for more organized 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,” added Dr Mansi Aggarwal, Partner at Alkemi Growth Capital.
