The Deal
Hyderabad-based bean-to-bar craft chocolate maker Manam Chocolate has secured $9 million in a fresh funding round. The investment was led by agritech-focused venture capital firm Omnivore, with participation from the Turner Morrison consortium.
Company Background
Founded in 2021 by Chaitanya Muppala, Manam Chocolate focuses on premium, locally sourced Indian cacao. Operating a farm-to-bar model, the company works with over 250 farmers across 3,000 acres in Andhra Pradesh, ensuring supply chain vertical integration.
Strategic Expansion
The company plans to utilize the capital to aggressively scale its physical footprint, aiming to reach 18 retail stores within the next two years. Currently, the company operates three stores in Hyderabad and the Delhi-NCR region.
Market Positioning
- Revenue Model: 65% of revenue comes from gifting (corporate and personal), while 80% of overall sales are currently driven by physical retail outlets.
- Diversification: The firm also exports fine-flavor cocoa beans and serves the HoReCa (hotels, restaurants, and cafes) segment.
- Competitive Landscape: Manam competes in the growing Indian premium chocolate space against incumbents like Paul and Mike, Mason & Co, and Rebel Foods-backed Smoor.
Founder Takeaways
The deal demonstrates that niche, premium food-and-beverage brands with a strong, ethically-sourced narrative can command significant venture interest. Founders should note the importance of a ‘phygital’ strategy, where a dominant retail presence is supplemented by quick-commerce and B2B channels to drive scale.