Farmley Secures $40 Million in Series C Funding for Healthy Snacking Expansion
Farmley, a renowned healthy snacking brand from Noida, has successfully raised $40 million in its Series C funding round, led by the global consumer-focused investment firm L Catterton. Existing investor DSG Consumer Partners also participated in this funding round.
The funds will be allocated towards capital expenditures, broadening distribution channels throughout India, boosting exports, and investing in advanced product formulations and technologies, as stated by Farmley in a press release.
Funding Details
As per an ET report, this funding round includes 30% secondary sales from early-stage investors like Insitor and Samunnati, along with employee stock ownership plans (ESOPs).
About Farmley
Established in 2017 by Akash Sharma and Abhishek Agarwal, Farmley offers a range of snacks such as makhana-based munchies, date bites, seeds, trail mixes, and roasted nuts. The company sources its ingredients directly from over 5,000 farmers located across different regions and operates five processing units.
Financial Performance
According to various sources, Farmley reported a revenue of Rs 230.66 crore in FY24 while incurring a net loss of Rs 26.5 crore. Though the company has not yet submitted its audited financial report for FY25, it claims to have achieved Rs 370 crore in revenue for the previous fiscal year.
Previous Funding Rounds
Since its establishment, Farmley has accumulated approximately $55 million in funding. This figure includes a $2 million seed round in 2020 from Omnivore and Insitor, a $6 million Series A round in August 2022 led by DSG Consumer Partners and Alkemi Growth Capital, and a $6.7 million pre-Series B round in December 2023 led by the BC Jindal Group.
Global Expansion Plans
Farmley is currently testing its products in international markets, including the United States, Australia, Canada, and Singapore, as part of its strategy for global expansion.
Market Competition
Farmley competes with other healthy snacking brands such as Happilo, which secured $25 million from Motilal Oswal Private Equity in 2022, and True Elements, which saw Marico acquiring a 53.98% stake in the same year.