Zoff, a spice start-up, has raised ₹40 crore from JM Financial Private Equity through JM Financial India Growth Fund III. This funding will be used to launch new products and expand into new segments, including ready-to-cook items, condiments, cooking pastes, and seasoning kits.
“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,” he added.
The company, with its manufactuting capacity in Chhattisgarh, is targeting Millennials and Gen Zs. Furthermore, the brand plans to strengthen its offline distribution network through general trade, modern trade channels and other retail outlets, noted the company in a statement.
The brand recorded approximately ₹100 crore in revenue during the previous fiscal year and aims to clock ₹300 crore by 2025-26. Zoff’s EBITDA stood at 12-13 per cent in FY24. The company plans to upscale by focusing on deeper market penetration, expanding its reach into Tier-II and -III towns across the country.