An e-commerce first spice brand, Zoff Foods has successfully raised Rs 400 million in its Series A funding round, led by JM Financial Private Equity through the JM Financial India Growth Fund III. This marks the second significant investment for the startup, following a previous infusion of INR 1 crore from boAT founder Aman Gupta in February of last year.
Zoff plans to use the newly acquired funds to launch new products and expand into categories such as ready-to-cook meals, condiments, cooking pastes, and seasoning kits. Additionally, the startup aims to strengthen its physical presence by expanding into general trade, modern trade, and other retail outlets.
Akash Agrawal, Co-founder of Zoff, expressed enthusiasm about the capital infusion, stating that the partnership with JM Financial Private Equity would accelerate the company’s expansion plans. The startup is focused on becoming one of India’s most trusted food brands.
Zoff’s parent company, Asquare Foods and Beverages Pvt Ltd, was established by Akash Agrawal and his brother Ashish in 2018. Zoff specializes in ground, blended, and whole spice categories, as well as dry fruits. The brand operates a fully automated manufacturing unit and a 10,000 square foot warehouse in Raipur, sourcing premium-quality spices directly from their regions of origin.
The brand recorded Rs 53 crore in revenue in the last fiscal year and aims to reach the Rs 600 to 700 crore revenue mark within the next five years. Zoff’s expansion plans include entering neighboring states like Maharashtra, Jharkhand, Odisha, and Telangana, while also targeting the HoReCa and modern retail sectors. This expansion is part of Zoff’s broader strategy to solidify its position as a leading contender in both the Indian and global spice markets.
Business of Food has previously conducted an exclusive interview with Akash Agrawal, the Co-Founder of Zoff. For an in-depth look into the brand’s journey and strategies, you can read the full interview at https://www.businessoffood.in/zoff-foods-emerges-as-an-e-commerce-first-brand-in-the-spice-category/
