Snack brand Farmely has completed a $40 million Series C fundraising round led by global consumer-focused investment firm L CatterLon. Some existing shareholders, including DSG Consumer Partners and BC Jindal Group have also participated in this funding round.
Farmley will use fresh capital in further scaling the briskly-evolving dried fruits and nuts segment of the country’s healthy snacking market. “We are committed to reimagining snacking for the modern Indian consumer, transforming what was once considered mere convenience food into a wholesome delightful experience,” said Farmley cofounders Akash Sharma and Abhishek Agarwal.
“Our roadmap includes penetrating untapped regional markets, developing cutting-edge product formulations that blend nutrition with exceptional taste, and leveraging advanced food technology to create snacks that truly nourish both the body and the palate,” they added.
The dried fruits and nuts segment of India’s healthy snacking market is expected to expand by around 14% annually over the next six years to cross $8.5 billion by 2031 on the back on secular tailwinds. These include consumers’ increasing propensity to swap unhealthy snacks for healthier ones, as well as eat these snacks not only when they feel peckish, but also to meet other needs such as post-workout nourishment and small meal replacement.
Consumers are also increasingly opting for branded snacks that offer consistent quality via organized sales channels with better hygiene standards than unorganized ones, just like they have in other packaged food categories.
“Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category,” said L Catterton Partner and Head of India Anjana Sasidharan.
L Catterton has significant experience building brands in the packaged food sector across the world. Current and past investments in the space include Cholula Hot Sauce, Ferrara Candy Company, Goodles, Kettle Foods, Kodiak, Little Moons, NotCo, Planted, and Plum Organics.
Farmley is seeking to redefine the future of healthy snacking through innovative products, the company crafts indulgent yet guilt-free snacks based on the goodness of dried fruits and nuts. These include India’s widest range of flavoured makhanas, as well as trail mixes, date bites, and seeds which have garnered market-leading advocacy rates.
The brand’s revenue has risen by approximately 55% annually over the past two years to reach around Rs 370 crore in FY25. It has also generated such momentum while also achieving profitability, attesting to its financial discipline.
