Spice Brand Zoff Secures INR 40 Cr from JM Financial PE to Expand Product Line and Distribution Network Zoff will use new funding to expand into ready-to-cook items and condiments, strengthen offline distribution, enhance brand presence, and deepen reach in Tier-II and Tier-III towns across India.
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Raipur-based spice brand Zoff announced that it has raised INR 40 crore from JM Financial Private Equity through the JM Financial India Growth Fund III.
This funding will enable Zoff to diversify its product offerings by launching new categories such as ready-to-cook items, condiments, cooking pastes, and seasoning kits. The company aims to strengthen its offline distribution channels through general trade, modern retail outlets, and other retail networks.
Zoff also plans to bolster its brand presence across multiple platforms through strategic marketing initiatives, aiming to enhance its trade and export potential.
It also intends to deepen its reach into Tier-II and Tier-III towns, ensuring its products are available across the country.
Mosaic Capital Services Private Limited acted as the exclusive financial advisor to Asquare Food and Beverages Private Limited, the parent company of Zoff.
"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," said Akash Agrawal, Co-founder of Zoff.
Founded in 2018 by brothers Akash and Ashish Agrawal, Zoff specialises in high-quality spices, dry fruits, and whole foods. The brand aims to become India's leading online spice brand, securing significant funding from Boat's Co-Founder, Aman Gupta, on Shark Tank India.
Darius Pandole, Managing Director and CEO, Private Equity and Equity AIFs, JM Financial, said, "The Indian Spices market is highly fragmented, and we are witnessing a structural shift in consumption from the unorganised to the organised 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 spice segment."
