Zoff, a prominent spices brand featured on Shark Tank India, has successfully raised ₹40 crore in funding from JM Financial Private Equity through their JM Financial India Growth Fund III. This marks a significant milestone in Zoff’s growth journey, further bolstered by the earlier investment from Boat’s Co-Founder & CMO, Aman Gupta, during their Shark Tank India appearance.
Founders and Vision
Zoff was founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, who envisioned a brand that offers a curated selection of high-quality spices, dry fruits, and whole food products. The startup prides itself on delivering ingredients that not only enhance the taste of culinary creations but also provide significant health benefits to consumers.
“Securing funding from JM Financial Private Equity is a pivotal achievement for us,” said Akash Agrawal, Co-Founder of Zoff. “Our company has experienced exponential growth in recent years, and this investment will propel us to scale our operations and broaden our reach. At Zoff, our state-of-the-art automated plant, equipped with the latest technology, underscores our commitment to delivering safe and hygienic products.”
Expansion and New Product Launches
With the infusion of new capital, Zoff plans to launch a range of new products, including ready-to-cook condiments, cooking pastes, and seasoning kits. Additionally, the company is focusing on expanding its offline distribution network through general trade, modern trade channels, and other retail outlets.
Zoff also aims to strengthen its brand presence across various platforms through strategic marketing initiatives, further building a robust offline network to enhance trade and export operations.
“Millennials and Gen Zs are emerging as influential decision-makers in their households. With our strong e-commerce presence and modern brand positioning, we are well-poised to become a trusted choice for this rapidly growing segment. The partnership with JM Financial Private Equity will help us fast-track our expansion plans, with a focus on becoming one of India’s most trusted food brands,” added Akash Agrawal.
Market Presence and Future Outlook
Zoff has established itself as one of India’s first new-age e-commerce brands to secure funding in the spices segment. The company has developed a strong online presence by leveraging Q-commerce strategies and is now focused on deepening its reach in Tier-II and Tier-III towns across the country.
“The branded spices segment has emerged as one of the most attractive categories within the food space. The Indian spices market, which is highly fragmented, is undergoing a structural shift from unorganized to organized sectors due to factors like hygiene, quality, and increased health awareness post-COVID. Zoff, a leading online spice brand, has established a favorable presence across all major online platforms in India, positioning itself as a brand of choice in the spices segment,” stated Darius Pandole, Managing Director & CEO, Private Equity & Equity AIFs at JM Financial.
