Spice brand Zoff has secured Rs 40 crore in series A funding from JM Financial Private Equity through JM Financial India Growth Fund III.
The company plans to use the raised capital to launch new products and expand the business into new segments including ready-to-cook, condiments, cooking pastes and seasoning kits, it said in a statement.
“Our company has witnessed exponential growth in the last couple of years and this investment will further drive us to scale our operations and expand our reach simultaneously.. At Zoff, our state-of-the-art, automated plant with upgraded technology makes our commitment to deliver safe and hygienic products to our consumers,” Akash Agrawal, Co-founder, Zoff, according to a press release.
The company says it has become one of India’s first new-age ecommerce brands to secure funding in the segment.
“The branded spices segment has emerged as one of the most attractive categories within the food space. The Indian Spices market is highly fragmented and we are witnessing a structural shift in consumption from the unorganised to the organised market, owing to factors like hygiene, quality and a general rise in health awareness in a post Covid world,” said Darius Pandole, Managing Director & CEO, Private Equity & Equity AIFs, JM Financial.
Zoff also aims to strengthen its offline distribution network through general trade, modern trade channels and other retail outlets; increase its brand presence across platforms; and enhance the trade and export of the brand.
