Manam Chocolate raises $9M in Series A round led by Omnivore

Manam Chocolate has raised $9 million in a Series A round of funding led by Omnivore with participation from Turner Morrison consortium.

The Hyderabad headquartered premium chocolate brand plans to use the funds for retail expansion in the Delhi-NCR region over the next one year.

Founded in 2021 by Chaitanya Muppala, Manam Chocolate owns the entire value chain—what it calls "bean to bar"—with over 330 products across 50+ categories. It has outlets in Hyderabad and Delhi. Its products are also available pan-India through D2C channels.

Chaitanya Muppala, Founder, Manam Chocolate, said, “This investment marks an important milestone in our journey to build a globally respected Indian craft chocolate company rooted deeply in origin.”

Manam Chocolate says its has ownership of the entire value chain: from cacao farming and fermentation to chocolate making and confections. It works with a network of over 250 farmers, across more than 3,000 acres of cacao farms in the West Godavari district of Andhra Pradesh, India's largest cacao-growing region.

According to the founder, the funding from Omnivore and Turner Morrison consortium gives the company a platform to showcase Indian chocolate brands not just in the country but globally as well.

Reihem Roy, Partner, Omnivore, said, “Premium consumer brands like Manam Chocolate, anchored with a strong farmer-partnered supply chain, demonstrate how origin-led value addition can improve livelihoods at the farm level while reducing the commodity-price volatility.

"As climate pressures reshape global cacao supply, investment in alternative, high-quality origins such as India represents both a commercial opportunity and contribution to a more resilient global food system.”

The brand won 17 awards at the Academy of Chocolate Awards, 2023, UK. It was also adjudged the ‘Overall Winner’ in the ‘Brand Experience’ category, from among 1,400 entries from craft chocolate makers around the world.

In 2023, Manam Chocolate also won the International Chocolate Award instituted by International Institute of Chocolate and Cacao Tasting, the world’s largest chocolate awards.