Manam Chocolate Secures $9 Million for Expansion

Manam Chocolate has successfully raised $9 million in a funding round led by Omnivore, with contributions from the Turner Morrison consortium. This investment will facilitate the company’s plans to enhance its retail presence to 18 stores within the next two years, introduce new product lines, and venture into new markets, as noted in a press release.

About Manam Chocolate

Founded in 2021 by Chaitanya Muppala, Manam Chocolate is dedicated to crafting chocolate from bean to bar, using high-quality Indian cacao. In addition to creating retail chocolates, the company exports fine-flavour cocoa beans and produces chocolates for the hotel, restaurant, and cafe (HoReCa) sector. The focus of the company’s offerings strongly leans towards gifting.

Revenue Streams and Sales Channels

Currently, approximately 65% of Manam Chocolate’s revenue is derived from chocolate and gifting products, which include corporate, social, and personal gifting. Beyond their physical stores, the company also markets its products via direct-to-consumer (D2C) channels and online marketplaces, such as quick-commerce platforms. Despite these online avenues, around 80% of total sales originate from its retail outlets.

Current Operations and Market

At present, the company operates three retail locations across Hyderabad and the Delhi-NCR area. It collaborates with a robust network of over 250 farmers who cultivate cacao on more than 3,000 acres in Andhra Pradesh. Within the premium chocolate market, Manam Chocolate faces competition from other premium brands such as Kerala-based Paul and Mike, Tamil Nadu-based Mason & Co, and Smoor, backed by Rebel Foods.