Craft chocolate company Manam Chocolate has raised $9 million in a funding round led by Omnivore, with participation from the Turner Morrison consortium. The proceeds will be used to expand its retail footprint to 18 stores over the next two years, add new product categories, and enter new markets, the company said in a press release. Founded in 2021 by Chaitanya Muppala, Manam Chocolate is a bean-to-bar chocolate company that manufactures craft chocolate using Indian cacao. Apart from producing retail chocolates, the company exports fine-flavour cocoa beans and manufactures chocolates for the HoReCa (hotels, restaurants, and cafes) sector. The company’s products are largely focused on gifting. Around 65% of its revenue currently comes from chocolate and gifting products, including corporate, social, and personal gifting. In addition to its physical stores, Manam Chocolate sells through its direct-to-consumer (D2C) channels and online marketplaces, including quick-commerce platforms. However, nearly 80% of its sales come from its retail outlets. Currently, the company operates three retail stores across Hyderabad and the Delhi-NCR region. It also works with a network of more than 250 farmers cultivating over 3,000 acres of cacao farms in Andhra Pradesh. In the premium chocolate segment, Manam Chocolate competes with Kerala-based Paul and Mike, Tamil Nadu-based Mason & Co, and Rebel Foods-backed Smoor. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
