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Spice brand Zoff raises Rs 40 Cr in Series A from JM Financial

EntrackrEntrackr · 1y ago
Spice brand Zoff raises Rs 40 Cr in Series A from JM Financial
Medial

Spice brand Zoff has secured Rs 40 crore ($4.8 million) from JM Financial Private Equity through JM Financial India Growth Fund III. The company had previously secured funding in Shark Tank India from boAt’s co-founder Aman Gupta The proceeds will be used to launch new products and expand the business into new segments such as ready-to-cook, condiments, cooking pastes & seasoning kits and strengthen its offline distribution network through general trade, modern trade channels and other retail outlets, Zoff said in a press release. Co-founded in 2018 by Akash and Ashish Agrawal, Zoff specializes in high-quality spices. The brand offers a curated selection of spices, dry fruits, and whole food products. It focuses on providing high-quality ingredients that elevate consumer culinary creations’ taste and health benefits. According to the Raipur-based company, it has a fully automated manufacturing unit which utilizes cold grinding technology to preserve the flavor and aroma of raw spices. The brand claims that its multi-layered ziplock packaging ensures the spices remain fresh for an extended period. Zoff says that it has created a robust online presence by focusing on quick commerce and empowered spices market in a short period of time, registering a profitable revenue over the years. The company is looking to penetrate deeper into the tier-II and tier-III cities. The company also claims that it competes with other big brands like Everest and MDH.

Spice brand Zoff crosses Rs 100 Cr revenue in FY25; slips into losses

EntrackrEntrackr · 5d ago
Spice brand Zoff crosses Rs 100 Cr revenue in FY25; slips into losses
Medial

Shark Tank featured spice brand Zoff crossed the Rs 100 crore mark in the last fiscal year ending March 31, 2025. However, the Aman Gupta-backed company slipped into losses in the same period due to higher expenses and write-offs. Zoff’s revenue from operations grew by 11% to Rs 103 crore in FY25 from Rs 93 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Co-founded in 2018 by Akash and Ashish Agrawal, Zoff specializes in high-quality spices. The brand offers a curated selection of spices, dry fruits, and whole food products. The company’s cost structure expanded at a much faster pace than revenue. Its total expenses increased 32% to Rs 120 crore in FY25 from Rs 91 crore in FY24. Cost of materials remained the largest expense for Zoff, accounting for 61% of the total cost. To the tune of scale, this cost rose 22% to Rs 73 crore in FY25 from Rs 60 crore in FY24. Advertising expenses jumped threefold to Rs 12 crore in FY25 from Rs 4 crore in FY24. Employee benefit expenses increased 25% to Rs 5 crore. The company also reported Rs 4 crore as bad debt write-offs during the year. The company lost its profitability and posted a loss of Rs 17 crore in FY25, as compared to a loss of Rs 20 lakh in FY24. Its ROCE and EBITDA margin stood at -54.17% and -17.96% respectively. On a unit basis, Zoff spent Rs 1.17 to earn a rupee of operating revenue during the year, compared to Rs 0.98 in the previous fiscal. Zoff’s current assets increased to Rs 50 crore from Rs 43.5 crore. The company’s cash and bank balances stood at Rs 0.2 crore at the end of FY25. According to TheKredible, Zoff has raised around $5 million of funding till date, having JM Financial India as its lead investor. The company’s co-founders Akash and Ashish Agarwal together own 52.5% of the company. The company is reportedly planning to raise a new round as it eyes offline expansion. The rise of losses even as it barely registered double-digit growth indicates growth challenges at the firm. The rise of raw material costs as well as advertising in particular are a surprise, considering the publicity bump it received from Shark Tank. Spices remain an intensely competitive category, and spreading itself too thin may not be the best idea for Zoff, and will simply lead to more commoditization of its offerings.

At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash

Economic TimesEconomic Times · 1y ago
At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash
Medial

Direct-to-consumer (D2C) brands, primarily operating online, have an opportunity to expand into offline stores despite the growth of the Indian retail market. A joint report by venture fund Accel, Fireside Ventures, and market research firm Redseer revealed that 90% of the Indian retail market will remain offline, making offline expansion an attractive prospect for D2C brands. While being online-first allows for quicker product-market fit and brand building, reaching a certain scale and brand recognition can lead to offline expansion to boost sales. Venture firms are investing in technology that enables efficient and aggressive offline expansion for online-first brands.

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