Omnivore-Backed D2C Startup Farmley Raises $6 Mn To Expand Distribution Channel
D2C food startup Farmley has raised $6 Mn in its Series A funding round led by DSG Consumer Partners and Alkemi Growth Capital. Existing investors Omnivore, Insitor Partners, and a slew of angel investors also participated in the round. Farmley plans to utilise the funds for channel expansion, brand building, and team building. Including the current fundraising, Farmley has raised a total of $8 Mn funding so far. “We are excited to partner with Akash and Abhishek on their mission. The full backward integration at Farmley ensures premium quality produce and innovative product launches such as makhana pasta. The company is on a strong growth trajectory and the founders have built a stellar team with laser-focus on customer pain points,” Hariharan Premkumar, head of India at DSG Consumer Partners, said. Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, Farmley works along with domestic and international farming communities to source good quality nuts and dry fruits. It currently operates five processing units in India. Farmley offers an assortment of more than 100 products derived from nuts and dry fruits, right from trail mixes to maida-free pasta to roasted munchies, among others. “Farmley is a consumer-centric brand. We are here to become a globally loved brand, born in India and being consumer-first in our approach is the only way to achieve it. We aim to blend them into the various occasions throughout the day and make each moment special and memorable,” Akash Sharma and Abhishek Agarwal, cofounders of Farmley, said. In 2020, Farmley raised $2 Mn in its seed funding round from Omnivore and Insitor. armley claims to have grown its revenue by 10x in the past 18 months. It is currently operating in 20 Indian cities and also has a presence in the US, Middle East and Australia, according to the statement. It follows an omnichannel distribution strategy thus, selling its products via ecommerce marketplaces, quick commerce platforms, retail stores and its own website. In the D2C food and beverage sector, it competes with the likes of Happilo, iD Fresh Food, and Slurrp Farm, among others. As per an Inc42 report, India’s ecommerce sector is likely to become a $400 Mn market by 2030. Of this, the D2C segment is considered one of the fast-growing sectors that has bagged $3.6 Bn funding since 2014.