Funding Round Led by Force Ventures
D2C snacks brand Adukale has successfully raised INR 11 Cr (approximately $1.3 Mn) in its pre-Series A funding round. The funding was spearheaded by Force Ventures, with additional participation from Aanya Ventures and prominent angel investors including Subrata Mitra and Radhika Pandit.
Expansion Plans and Utilization of Funds
Adukale, founded in 2009 by Nagaratna Ravindra, Malathi Sharma, and MS Ravindra, specializes in omnichannel snacking products such as namkeens, blended spices, and instant food items. With a diverse portfolio comprising over 75 products, the startup operates more than 20 ‘Adukale Experience Stores’ across Bengaluru and Mysore.
The infusion of capital will primarily be directed towards enhancing manufacturing capabilities and investing in research and development (R&D). Additionally, a portion of the funds will be allocated to scaling up the number of physical outlets, expanding the distribution network, and bolstering brand visibility.
Market Position and Growth Trajectory
Adukale’s Chief Growth Officer, Vinay Gopinath, expressed confidence in the brand’s growth potential as a leading omnichannel player in the snacking category. The funding round underscores investors’ belief in Adukale’s future trajectory and its ability to capture market share in the traditional snacks segment.
Vision for Culinary Heritage
Force Ventures founder Karthik Bhat emphasized a shared vision with Adukale to establish market leadership in the traditional snacks category by 2025. He highlighted the importance of preserving Karnataka’s culinary heritage and showcasing it on a global platform.
Competitive Landscape and Market Opportunities
The funding comes amidst intensified competition within the homegrown D2C snacking space, with several new startups entering the market. Companies like TagZ Foods, Beyond Snacks, and Gladful are carving out niches and catering to diverse customer segments.
Projection for Indian Snacking Market
Reports suggest that the Indian snacking market is poised for significant growth, projected to reach INR 95,521 Cr by 2032. This burgeoning market presents lucrative opportunities for both established players and emerging brands to tap into evolving consumer preferences.
Investor Interest and Industry Outlook
The burgeoning D2C snacking space has garnered considerable interest from investors, with venture capital and private equity firms backing emerging players. The influx of funds reflects investor confidence in the sector’s growth potential and the ability of innovative brands to capitalize on market opportunities.
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