Farmley: Breaking the 'Dry' Spell In Dryfruits Market With a direct connection with more than 5000-plus farmers and producers, we ensure the products meet the highest quality standards, says, Akash Sharma, co-founder and CEO, Farmley
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Farmley, full-stack snacking brand, was born out of shared passion to offer the consumers healthy snacking options that have been curated using adulteration-free dry fruits & nuts - sourced directly from farmers. "Before starting my entrepreneurial journey with Farmley, I graduated from IIT Delhi. Post-graduation, I explored various business ideas to apply my technical expertise and entrepreneurial spirit. It was during this journey that I met my flatmate Abhishek, an IIT Roorkee graduate. Together, we ventured into the agricultural sector and founded Farmley in July 2017," said Akash Sharma, co-founder and CEO, Farmley.
With a direct connection with more than 5000-plus farmers and producers, the startup ensure the products meet the highest quality standards. To further enhance quality control and authenticity, it established five farm-gate processing units located closer to the sources of origin. "We have served a significant customer base of 10 lakh individuals to date. Our primary clientele consists of young adults aged 25-35 who are at pivotal life stages, such as setting up their homes or becoming parents. These discerning customers actively seek to integrate healthier lifestyles," he added.
2023 was an exceptional year for Farmley, it surpassed the INR 300 crore ARR milestone, showcasing a 400 per cent increase over the last two years. "This was primarily fuelled by the unwavering support and love from our customers, particularly for our hero products, propelling Farmley to turn EBITDA positive."
The startup recently secured $6.7 milion investment through a Pre-Series B round. This funding was led by BC Jindal Group, with participation from existing investors, including DSG Consumer Partners, Omnivore and Alkemi Partners. "We haven't attained break-even yet. Our plan is to achieve that milestone by FY 25. The road to profitability involves implementing a growth strategy led by high-margin products in the offline market. Additionally, expanding our presence further on digital channels is expected to drive profits," he explained.
The startup plans to expand footprint to one lakh plus retail outlets and establish a strong presence across major Southeast Asian countries, the US, Canada, and Australia within the next one-two years.
Factsheet:
- Name and Designation: Akash Sharma, Co-Founder and CEO
- Age as on February 1, 2024: 31 years, 2 months, 16 days
- No. of co-founders: Abhishek Agrawal
- Number of employees: 170
- Year of inception of the company: 2017
- External Investors: DSG Consumer Partners, Omnivore and Alkemi Partners
