Makhana brand Farmley raises $40M from L Catterton

Makhana brand Farmley said it has completed a $40 million Series C fundraise led by L Catterton, a global consumer-focused investment firm.

The round, which was a mix of primary and secondary capital, saw participation from existing investor DSG Consumer Partners and BC Jindal.

The Noida-based company plans to scale the dried fruits and nuts segment with the latest funding. The company offers flavored makhanas, trail mixes, date bites and seeds.

It clocked 55% growth in revenue in the past two years, making Rs 370 crore in FY25 and remaining profitable.

"Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category," shared Anjana Sasidharan, L Catterton Partner and Head of India.

Founded in 2017 by IIT graduates Akash Sharma and Abhishek Agarwal, the company raised $6 million in its series A funding, led by DSG Consumer Partners and Alkemi Growth Capital. It also added Omnivore, Insitor Partners to its captable.

"Our roadmap includes penetrating untapped regional markets, developing cutting-edge product formulations that blend nutrition with exceptional taste, and leveraging advanced food technology to create snacks that truly nourish both the body and the palate," noted Co-founders Akash Sharma and Abhishek Agarwal.

(The story was updated to add another investor name on company's request.)