Spice Story, a Mumbai-based startup firm, has raised an undisclosed pre-series A round fund from Agility Ventures, Maxar.vc, Nafa capital and select FMCG industry leaders viz. Anupam Bokey, Anand Dhodapkar and others.
The fresh funds will be primarily used to bolster the distribution network and continue to build scale on the online platforms.
Earlier, the brand had raised a seed round in January 2021. Since then, the company has grown 3X and wants to grow 25X in the next three years.
Prashant Narang, Co-founder of Agility Ventures, said, “we are excited to support Spice Story in the next chapter of their journey. When we consider potential food industry investments, we look for brands that can connect with the diet habits of its consumers. We are optimistic that Spice’s story will continue to generate great traction with the variety of their products.”
Founded by Soumyadeep Mukherjee and Gayatri Gogate, Spice Story offers the broadest range of ethnic Indian chutneys in modern sauce form – easy to pour and store. What started with only three products now offers nearly 15 varieties curated from regional influences across India.
This year, the brand has already crossed the sale of half a million units and is marching towards breaching 1.5 million units by the next fiscal year.
“We are humbled that our investors believe in our journey of retaining the legacy of chutneys in every Indian household. With the new funding, Spice Story will be well-positioned to bring the joy of chutney in every Indian home,” said Soumyadeep Mukherjee, Founder and CEO of Spice Story.
Spice Story’s strength is its omnichannel play. While eCommerce remains the primary focus, the brand already has a foot in the doors of some of the largest retail chains in India, which adds strength to their growth and build-up goals.
“We believe that Chutneys are little flavor packets that add that zing to all our meals. Through Spice Story, our goal is to nurture the emotional bonds that our consumers share with their food. With convenient access to our entire range of products, our consumers will be able to enjoy the authentic taste of various cultures and regions of India, all in an innovative and easy form,” Mukherjee added.
