Spice brand Zoff, featured on Shark Tank India, has raised Rs 40 crore in funds from JM Financial Private Equity through JM Financial India Growth Fund III.
Zoff raised funding in Shark tank in India from Boat co-founder and CMO Aman Gupta.
Who are the founders?
Founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, Zoff offers a curated selection of spices, nuts and whole food products.
The startup says its focus is on providing high-quality ingredients that enhance the flavor and health benefits of consumers’ culinary creations.
“Securing funding from JM Financial Private Equity is a significant milestone for us,” said Akash Agrawal, co-founder of Zoff.
“Our company has seen exponential growth over the past few years and this investment will propel us to expand our operations and reach simultaneously. At Zoff, our state-of-the-art automated plant with up-to-date technology demonstrates our commitment to delivering safe and hygienic products to our consumers.
New product launches
The startup will use the funding to launch new products and expand the business into new segments, such as ready-to-cook condiments, cooking pastes and condiment kits.
It is planned to focus on strengthening its offline distribution network through general trade, modern trade channels and other retail outlets.
Zoff also aims to increase its brand presence on the platforms through marketing initiatives and build a strong offline network in the market to enhance the brand’s trade and export.
“Millennials and Gen Z are emerging as active decision makers in their homes. With our strong e-commerce presence and a next-gen brand positioning, we are well positioned to become a trusted choice for this fast-growing segment. The capital infusion and partnership with JM Financial Private Equity will help us accelerate our current and future expansion plans. We aim to become one of India’s leading and most trusted food brands,” Agrawal added.
Zoff’s presence in the market
Zoff claims to be one of the first Indian e-commerce brands to have raised funding in this particular segment. Over the years, it has developed a strong online presence by focusing on fast-paced e-commerce.
The company is now looking to deepen its penetration in the country by expanding its reach to Tier II and Tier III cities.
“The branded spices segment has emerged as one of the most attractive categories within the food sector. The Indian spices market is highly fragmented and we are witnessing a structural shift in consumption from the unorganised to the organised market, owing to factors such as hygiene, quality and an overall rise in health consciousness in a post-Covid world. Zoff, a leading online spices brand, has garnered a favourable presence across all major online platforms in India, positioning itself as a top choice brand in the spices segment,” said Darius Pandole, Managing Director & CEO, Private Equity & Alternative Investment Funds, JM Financial.
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