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Zoff co-founders Akash Agrawal and Ashish Agrawal
Shark Tank India-featured spices brand Zoff has raised Rs 40 crore in funding from JM Financial Private Equity through JM Financial India Growth Fund III.
Zoff secured funding in Shark Tank India from Boat's Co-Founder & CMO, Aman Gupta.
Who are the founders?
Founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, Zoff offers a curated selection of spices, dry fruits, and whole food products.
The startup claims that it focuses on providing high-quality ingredients that elevate consumer culinary creations' taste and health benefits.
“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. At Zoff, our state-of-the-art, automated plant with upgraded technology makes our commitment to deliver safe and hygienic products to our consumers.
Launching new products
The startup will use the raised funding to launch new products and expand the business into new segments, such as ready-to-cook condiments, cooking pastes, and seasoning kits.
It plans to focus on strengthening its offline distribution network through general trade, modern trade channels and other retail outlets.
Zoff also aims to increase its brand presence across the platforms through marketing initiatives and build a strong offline network in the market to enhance the trade and export of the brand.
"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," Agrawal added.
Zoff's market presence
Zoff claims to be one of India's first new-age e-commerce brands to secure funding in this particular segment. Over the years, it has built a robust online presence by focusing on Q-commerce.
The company is now looking to deepen its penetration in the country by expanding its reach to Tier-II and Tier-III towns.
“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," said Darius Pandole, Managing Director & CEO, Private Equity & Equity AIFs, JM Financial.