22nd August 2024: Zoff, a leading spices brand, announced today that it has successfully raised INR 400 million from JM Financial Private Equity through JM Financial India Growth Fund III.
The funding will be used to launch new products and expand the business into new segments such as ready-to-cook, condiments, cooking pastes & seasoning kits etc. The company plans to focus on strengthening its offline distribution network through general trade, modern trade channels and other retail outlets.
It also aims to increase its brand presence across the platforms through marketing initiatives and build a strong offline network in the market for enhancing the trade and export of the brand.
In recent years, Zoff has become one of India’s first new-age e-commerce brands to secure funding in this particular segment. Over the years, it has created a robust online presence, by focusing on Q-commerce, the brand made it a big name in the spices market in a short period of time, registering a profitable revenue over the years.
Having created a space for itself in the market, with the funding, it aspires to upscale the game with focus on a 360-degree model for business growth. With a strong presence across India, the company is now determined to penetrate deeper into the country by expanding its reach to Tier-II and Tier-III towns.
Founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, Zoff has already made a mark in the industry. The brand secured funding in Shark Tank India from Boat’s Co-Founder & CMO, Mr. Aman Gupta. The Agrawal brothers have set their sights on making Zoff India’s leading online spices brand and the third national brand after Everest and MDH. Their vision and determination are driving the company’s growth and success.
“Securing funding from JM Financial Private Equity is a significant milestone for us,” said Mr. 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.. At Zoff, our state-of-the-art, automated plant with upgraded technology makes our commitment to deliver safe and hygienic products to our consumers.
He also added, Millennials and Gen Zs are emerging as active decision-makers in their households. With our strong e-commerce presence and a new-age brand positioning, we are well poised to become a trusted choice for this fast-growing segment. The capital infusion and partnership with JM Financial Private Equity will help us fast-track our current and future expansion plans. Our focus is on becoming one of India’s top, trusted food brands in India”.
Commenting on the investment, Mr. Darius Pandole, Managing Director & CEO, Private Equity & Equity AIFs, JM Financial said, “The branded spices segment has emerged as one of the most attractive categories within the food space. The Indian Spices market is highly fragmented and we are witnessing a structural shift in consumption from the unorganized to the organized market, owing to factors like hygiene, quality and a general rise in health awareness in a post Covid world. Zoff, a leading online spice brand, has secured a favourable presence across all major online platforms in India, positioning itself as a brand of premier choice in the spices segment. We strongly believe that Zoff can emerge as one of the leading spices brands in the future”
This is the second primary infusion after Shark Tank for Zoff. In the deal with JM Private Equity, Mosaic Capital Services Private Limited (‘Mosaic Capital’) acted as the exclusive financial advisor to Asquare Food & Beverages Private Limited.
With a fully automated manufacturing unit, Zoff stands out as one of the few players in the industry utilising cold grinding technology to preserve the flavour and aroma of raw spices. Its innovative multi-layered ziplock packaging ensures the spices remain fresh for an extended period.