Farmley, a nuts and dry fruits brand, has raised $6 million in Series A funding. The round was led by DSG Consumer Partners and Alkemi Growth Capital alongside existing investors Omnivore, Insitor Partners, and other angel investors.
Farmley, founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, has built deep back-end linkages over the years with domestic as well as international farming communities to source the highest quality of nuts and dry fruits.
With deep customer insights and years of R&D, it has also developed five unique processing units in India.
This has enabled Farmley to produce premium quality nuts and dry fruits, and to provide them at accessible price points to its consumers. The company has raised a prior seed round of $2 million in 2020 from Omnivore and Insitor.
Farmley has an assortment of over 100 products including trail mixes to 100 per cent maida-free pasta made from makhana to roasted munchies made from nuts.
In the last 18 months, Farmley has increased its revenues by ten fold to become one of the leading players in this category.
They have omni-channel distribution, and their products are available on all leading e-commerce and quick commerce platforms alongside retail stores across the top 20 Indian cities. They are also available in select international markets including the US, Middle East, and Australia.
Farmley plans to utilise the funds for channel expansion, brand building, and team building, the company said in a statement.
Consumer-centric at heart
Co-founders Akash Sharma and Abhishek Agarwal said: “Farmley is a consumer-centric brand at heart. We are here to become a globally loved brand, born in India and being consumer-first in our approach is the only way to achieve it.”
Hariharan Premkumar, Head of India at DSG Consumer Partners said: “We are excited to partner with Akash and Abhishek on their mission to build India’s most loved dry fruits and nuts brand with the best quality products. This segment is large and the unorganised market makes up 95 per cent of the market. The full backward integration at Farmley ensures premium quality produce and innovative product launches such as India’s first makhana pasta.”
Mansi Aggarwal, Partner at Alkemi Growth Capital said: “Farmley is one of the fastest-growing brands in this segment and the team at the helm has grown the company to an impressive scale while building a sustainable supply chain.’’