Farmley raises $40 Mn in Series C round led by L Catterton

Entrackr · 2d

Farmley raises $40 Mn in Series C round led by L Catterton Farmley, a Noida-based healthy snacking brand, has raised $40 million in its Series C funding round led by global consumer-focused investment firm L Catterton, with participation from existing investor DSG Consumer Partners. The proceeds will be used for capital expenditure, expanding distribution channels across India, enhancing exports, and investing in product formulations and technologies, Farmley said in a press release. According to an ET report, the funding includes 30% secondary sales by early-stage investors, including Insitor and Samunnati, along with employee stock ownership plans (ESOPs). Founded in 2017 by Akash Sharma and Abhishek Agarwal, Farmley offers snacks such as makhana-based munchies, date bites, seeds, trail mixes, and roasted nuts. The firm sources directly from over 5,000 farmers across multiple regions and operates five processing units. According to TheKredible, Farmley recorded a revenue of Rs 230.66 crore in FY24 while posting a net loss of Rs 26.5 crore. While the company has yet to file its audited financial report for FY25, it claims to have clocked Rs 370 crore in revenue for the last fiscal year. Since its inception, Farmley has raised around $55 million, which 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. Farmley is currently piloting its products in international markets, including the United States, Australia, Canada, and Singapore, as part of its global expansion strategy. It competes with other healthy snacking brands such as Happilo, which raised $25 million from Motilal Oswal Private Equity in 2022, and True Elements, in which Marico acquired a 53.98% stake in the same year.