Bengaluru-based luxury chocolate brand SMOOR has raised an undisclosed amount of capital from fintech platform Klub which provides revenue-based financing.
According to an official statement, the funds will be mainly deployed to sustain SMOOR’s current growth momentum as it looks forward to geographical and product expansion. The startup claimed the fund will act as a bridge for SMOOR until it raises Rs 50 crore by end of this year.
Founded in 2015 by Vimal Sharma, SMOOR is a luxury chocolate brand. It claims to bring together authentic ingredients and offers a premium range of products including chocolates, signature cakes, gift hampers, desserts, beverages, and much more.
Vimal Sharma, Founder-Director, and CEO of SMOOR, [Image Credit: SMOOR]
While the brand launched its first store, named Signature, in Bengaluru in 2016, today it has stores across Bengaluru, Mumbai, and Gurugram. Its products are available across 50 cities via online channels such as Swiggy, Zomato, Dunzo, BigBasket, Amazon, and Flipkart among others.
“We are delighted to raise capital through Klub’s invite only patron investor network that will allow us to operate at a greater capacity during this period of hyper-growth. We are excited to see the future developments that unfold in this space, and ready to take on the explosive growth in demand with the most-loved, delicious, premium products,” Vimal Sharma, Founder-Director, and CEO of SMOOR said in a statement.
According to the company, SMOOR is looking to launch its stores in Mumbai and Delhi. Claiming to have recorded 20X growth in online sales in the last financial year, SMOOR is working to record another 10X growth this year.
A part of the fund will also be allocated towards its new 30,000 sq. ft. production facility cum experience centre to help SMOOR meet the growing demand and develop new products with special machinery.
“We are delighted to offer growth capital through revenue based financing to a brand as fast-growing and ambitious as SMOOR. With its state-of-the-art production process and category-defining product portfolio, SMOOR is at a very interesting point in its growth trajectory. We look forward to seeing the brand achieve greater heights with this capital infusion,” said Anurakt Jain, CEO and Co-founder of Klub.