The Indian spice industry is witnessing a significant shift as Raipur-based Zoff Foods (Asquare Foods & Beverages Pvt. Ltd.) successfully secured $2 million in a Pre-Series B funding round. This latest investment was led by JM Financial Private Equity through its JM Financial India Growth Fund III, with participation from notable angel investor Aman Gupta, Co-founder of boAt. This marks the second time JM Financial has backed the innovative D2C brand, following a previous investment of ₹40 crore in August 2024.
Zoff Foods plans to utilize the fresh capital to accelerate its omnichannel sales strategy across India. While the brand has already carved a niche in the digital-first space—dominating major e-commerce and quick-commerce platforms—the focus is now shifting toward a robust offline presence. The funds will be directed toward strengthening offline distribution, scaling marketing initiatives, and expanding the brand’s footprint in General Trade and Modern Trade channels.
Founded in 2018 by brothers Akash Agrawal and Ashish Agrawal, Zoff Foods has differentiated itself in a hyper-competitive market through its “Zone of Fresh Foods” philosophy. The brand is a pioneer in using Cool Grinding Technology (Air Classifying Mills), which processes spices at temperatures below 60°C to preserve natural oils, aroma, and flavor—a stark contrast to traditional hammer mills that often exceed 120°C.
Furthermore, Zoff was the first in India to introduce multi-layered zip-lock packaging, ensuring long-lasting freshness and eliminating the need for consumers to transfer spices into separate containers.
The funding comes at a time when the Indian spices and seasonings market is projected to reach $26.95 billion by 2026. Consumer behavior is rapidly evolving, with a clear preference for branded, hygienic, and unadulterated products over unorganized local options.
Zoff Foods has shown impressive financial resilience, reporting a revenue of ₹103 crore in FY25, up from ₹93 crore the previous year. With the D2C segment and quick-commerce acting as major catalysts, Zoff is well-positioned to challenge legacy players like MDH and Everest.
“Our partnership with JM Financial is about accelerating national expansion and becoming a leading FMCG brand that delivers sustainable value across Indian households,” said Vinit Rai, Managing Director at JM Financial Private Equity.
By focusing on Tier-II and Tier-III cities and enhancing its “top-of-need” fulfillment, Zoff Foods is not just selling ingredients; it is redefining the modern Indian kitchen.
Key Highlights:
- Funding Milestone: Zoff Foods raised $2 million in a Pre-Series B round led by JM Financial Private Equity and Aman Gupta.
- Core Objective: The capital will be used to scale omnichannel growth, focusing heavily on offline retail and General Trade distribution.
- Technological Edge: The brand utilizes India’s first Cool Grinding Technology and zip-lock packaging to maintain spice purity.
- Growth Trajectory: After hitting a ₹100 crore+ revenue mark in FY25, Zoff is expanding into ready-to-cook segments and deeper regional markets.