Startup Funding – Farmlay: Over the past few years, all the startups related to the food world in India have been seen creating a tremendous presence in the market. They are winning the trust of customers as well as investors.
As a recent example, Noida-based full-stack nuts and dry fruits startup Farmlay has now secured an investment of around ₹45 crore ($6 million) in its Series-A funding round.
Join our Telegram channel to get all such news! 🙁Telegram channel link,
The investment round for the company was led by Singapore-based DSG Consumer Partners and Alchemy Ventures. Apart from this, some individual investors along with some existing investors like Omnivore, Insitor Partners have also participated in the investment round.
According to the company, this new capital will primarily be used to expand the channel, take the brand to more people and add new talent.
Farmlay started in 2017 as an IIT alumnus Akash Sharma (Akash Sharma) and Abhishek Agarwal (Abhishek Agarwal) together.
The startup claims to have created backend linkages for sourcing nuts and dry fruits (such as almonds, pistachios, cashews, walnuts etc.) with domestic and global farmers.
With a deep understanding of consumers and years of research and development, the startup has also developed five processing units in India that will enable the company to produce premium quality cashews and dry fruits at affordable prices to consumers.
The company currently offers more than 100 products made from nuts and dried fruits. The company claims to have seen a 10-fold increase in revenue in the last 18 months.
The company is present on most ecommerce platforms with retail stores in around 20 Indian cities. It also offers its products in select international markets including America, Middle East and Australia.
We tell you that in 2020, the company received an investment of $2 million from investors like Omnivore and Insitor.
However! The company’s founders said in a joint statement about this new investment;
“Farmly is a consumer centric brand. We are fast moving towards becoming a globally popular, India-born brand.”
“In today’s festive season, nuts and dry fruits have become synonymous with good health and great taste.”