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Funding Alert: Spice Story raises funds from Agility Ventures and others

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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, etc, an offical statement highlighted.

The statement also highlighted that the raised capital 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 3 years. 0

Prashant Narang, Co-founder, Agility Ventures, commented on this funding and 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 story will continue to generate great traction with the variety of their products.”

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.

Soumyadeep Mukherjee, Founder & CEO, Spice Story also commented on this and added,“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.”

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.