The funding will be utilised to launch new products, expand the business into new segments and strengthen its offline distribution network
Bengaluru: Raipur-based spices brand Zoff has raised Rs 400 million in series A funding, led by JM Financial Private Equity through JM Financial India Growth Fund III, the company said in a press release on Thursday.
The funding will be used to launch new products and expand the business into new segments such as ready-to-cook, condiments, cooking pastes and seasoning kits.
Moreover, the company plans to focus on strengthening its offline distribution network through general trade, modern trade channels as well as other retail outlets and to increase its brand presence across the platforms through marketing initiatives
“Securing funding from JM Financial Private Equity is a significant milestone for us,” said Akash Agrawal, co-founder of Zoff. “Our company has witnessed exponential growth in the last couple of years and this investment will further drive us to scale our operations and expand our reach simultaneously.”
Asquare Foods and Beverages Pvt. Ltd., commonly known as Zoff, was started in 2018 by Agrawal brothers. It also aspires to upscale the company with focus on a 360-degree model for business growth and penetrate deeper into the country by expanding its reach to tier-II and tier-III towns, the release added.
This marks Zoff’s second major investment following its appearance on Shark Tank India, where it secured backing from Boat’s co-founder, Aman Gupta. In the deal with JM Private Equity, Mosaic Capital Services Pvt. Ltd. acted as the exclusive financial advisor to Zoff.
