Digital-first packaged spices brand Zoff Foods has raised $2 million in fresh funding from JM Financial Private Equity, reinforcing investor confidence in India’s fast-growing direct-to-consumer (D2C) food brands. The investment marks the second funding round by JM Financial PE in the company’s parent entity, Asquare Foods and Beverages, which owns and operates the Zoff Foods brand.
Key Highlights
- Zoff Foods raises $2 million from JM Financial PE to expand e-commerce presence and offline distribution.
- Funding will support growth of the premium spices brand amid rising demand for packaged spices.
According to the company, the newly raised capital will primarily be used to strengthen its e-commerce presence and expand offline distribution channels across India. The investment is expected to help the brand scale its operations and deepen its reach among consumers seeking premium packaged spices.
Akash Agrawalla, Co-founder of Zoff Foods, said: “Consumers are looking at premiumisation across categories, including spices. The fresh funding will strengthen the company on e-commerce play, as well as help increase focus on offline distribution.”
Vinit Rai, Managing Director at JM Financial Private Equity, added: “We see a big opportunity in the category. There has been no pan-India brand in spices as it’s been a very regional-driven business.”
Founded in 2018 in Raipur by brothers Akash Agrawalla and Ashish Agrawalla, Zoff Foods focuses on ground, blended, and whole spices along with other packaged food products. The company has built a strong digital presence and sells its products across multiple online marketplaces and quick-commerce platforms.
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JM Financial Private Equity believes the Indian spices market presents a large opportunity due to shifting consumer preferences and the increasing adoption of branded packaged spices. The market is transitioning from a largely unorganised sector toward organised, branded players offering better hygiene and quality assurance.
JM Financial PE had previously invested ₹40 crore in August 2024 in the company through its growth fund, signalling long-term interest in the brand’s expansion plans.
The Indian spices market is expected to witness strong growth, with estimates suggesting it could reach ₹5.2 lakh crore by 2034, expanding rapidly as branded packaged spices gain market share.
Zoff Foods reported revenue of ₹103 crore in FY25, up from ₹93 crore in FY24, reflecting steady growth as it scales its product portfolio and distribution network.
The spice industry in India remains highly fragmented, with regional brands dominating many markets. However, growing demand for premium, hygienically packaged, and ready-to-cook products has attracted investments and acquisitions from larger FMCG players such as ITC, Dabur, and Emami.
With fresh capital and expanding consumer demand, Zoff Foods aims to strengthen its position as a pan-India premium spices brand, leveraging both online channels and offline retail networks to drive its next phase of growth.
