SUMMARY
The funding round was led by Force Ventures and also saw participation from Aanya Ventures and angel investors like Subrata Mitra and Radhika Pandit
Founded in 2009 Nagaratna Ravindra, Malathi Sharma and MS Ravindra, Adukale is an omnichannel snacking brand that sells namkeens, blended spices and instant food items
The startup will use the capital to invest in manufacturing, R&D, scale up the number of physical outlets, and expand distribution
D2C snacks brand Adukale has raised INR 11 Cr (about $1.3 Mn) in its pre-Series A funding round, led by Force Ventures. The round also saw participation from Aanya Ventures and angel investors such as Subrata Mitra and Radhika Pandit.
In a statement, the startup said it will use the capital to invest in manufacturing and research and development (R&D). A part of the fresh proceeds will also be deployed to scale up the number of physical outlets, expand the distribution network, and facilitate greater brand visibility.
Founded in 2009 by Nagaratna Ravindra, Malathi Sharma and MS Ravindra, Adukale is an omnichannel snacking brand that sells namkeens, blended spices and instant food items. The startup claims to have more than 75 products and operates 20+ ‘Adukale Experience Stores’ across Bengaluru and Mysore.
Besides its own website, it sells its products via general and modern trade outlets and various ecommerce and quick commerce platforms.
“This investment stands as a testament to the growth potential of the brand as a leading omnichannel player in the category, demonstrating confidence in its future trajectory. The funding secured will play a vital role in expanding the channel presence of the brand, facilitating greater visibility and engagement with our target audience,” Adukale’s chief growth officer Vinay Gopinath said.
Commenting on the fundraise, Force Ventures founder Karthik Bhat said, “Our collaboration with Adukale signifies a shared vision of being the market leader in the traditional snacks category by 2025 and being the custodians of Karnataka’s culinary heritage and showcasing it on a global stage”.
The fundraise comes at a time when the homegrown D2C snacking space is witnessing intense competition due to the emergence of a number of new startups. The likes of TagZ Foods, Beyond Snacks, and Gladful are creating a niche and cater to a wide variety of customers.
These brands cater to the Indian snacking market which, as per reports, is projected to soar to a size of INR 95,521 Cr by 2032. This offers a big opportunity for both incumbents and new players in the burgeoning space.
As a result, the space has also been seeing a lot of interest from investors. A number of venture capital and private equity firms have backed emerging players in the ecosystem in recent times.
In December last year, Farmley raised $6.7 Mn in its pre-Series B funding round led by BC Jindal Group. Prior to that in November, Mumbai-based homemade snacks startup PatilKaki also raised funding in a round led by Cap70 Angels.
