With the help of current investor DSG Consumer Partners, Farmley, a healthy snacking company based in Noida, has raised $40 million in its Series C funding round, which is being headed by international consumer-focused investment firm L Catterton.
According to a press statement from Farmley, the money raised will be utilized for capital projects, increasing exports, developing new product formulas and technologies, and broadening distribution networks throughout India.
An ET article claims that employee stock ownership plans (ESOPs) and 30 percent secondary sales by early-stage investors like Insitor and Samunnati are part of the funding.
Farmley, which was founded in 2017 by Akash Sharma and Abhishek Agarwal, sells trail mixes, roasted nuts, seeds, date nibbles, and munchies made with makhana.
The company runs five processing facilities and sources directly from more than 5,000 farmers in various locations.
TheKredible reports that Farmley had a net loss of Rs. 26.5 crore in FY24 while recording revenue of Rs. 230.66 crore. The company claims to have made Rs. 370 crore in revenue during the previous fiscal year, although it has not yet submitted its audited financial report for FY25.
Farmley has raised approximately $55 million since its founding, including a $2 million seed round from Omnivore and Insitor in 2020, a $6 million Series A round led by DSG Consumer Partners and Alkemi Growth Capital in August 2022, and a $6.7 million pre-Series B round led by the BC Jindal Group in December 2023.
As part of its global expansion strategy, Farmley is currently testing its products in foreign markets such as the US, Australia, Canada, and Singapore.
It faces competition from other healthy food brands like True Elements, in which Marico purchased a 53.98 percent share in 2022, and Happilo, which got $25 million from Motilal Oswal Private Equity.
