SMOOR, leading Bangalore-based luxury chocolate brand that crafts the ultimate indulgence experience with couverture chocolates, has raised growth financing of an undisclosed amount from Revenue Based Financing platform, Klub. The amount raised will be primarily used to sustain SMOOR’s current growth momentum as it gears up for geographical and product expansion. The funds raised from Klub will act as a bridge for SMOOR until it raises INR 50 crore by the end of 2021.
There is much in store for SMOOR in the near future, the brand unveiled. Its long-term plan is to launch its stores in Mumbai and Delhi. Building on its 20x growth in online sales during the last financial year, the brand aims to clock another 10x growth this year on its online sales channel. SMOOR is also looking at allocating a part of its funds towards a new state of the art 30,000 sq. ft. production facility cum experience centre. This will help the brand meet the growing demand while developing new products with special machinery.
Speaking on the development, Vimal Sharma, Founder-Director, & CEO SMOOR, said, “Our industry is at an inflection point where we are seeing a stark rise in the popularity of our products. As chocolates become a preferred snacking option for consumers, the demand is set to skyrocket across the country. We are delighted to raise capital through Klub’s invite only patron investor network and that will allow us to operate at a greater capacity during this period of hyper-growth. We are excited to see the future developments that unfold in this space, and ready to take on the explosive growth in demand with the most-loved, delicious, premium products.”
Klub is the world’s first community-focused Revenue Based Financing platform that provides growth financing to homegrown consumer brands. Klub provides capital for high ROI, cyclical spends like marketing, inventory, capex etc. that is revolutionising the way online first consumer brands raise financing.
Anurakt Jain, CEO & Co-founder, Klub, said, “Since its inception, Klub has been actively identifying brands and businesses with immense potential and partnering with them to support them in their efforts to scale up. We are delighted to offer growth capital through Revenue Based Financing to a brand as fast-growing and ambitious as SMOOR. With its state-of-the-art production process and category-defining product portfolio, SMOOR is at a very interesting point in its growth trajectory. We look forward to seeing the brand achieve greater heights with this capital infusion.”
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SMOOR’s Signature stores are present in Bengaluru, Mumbai, and Gurgaon. Its products are also available on platforms such as Swiggy, Zomato, Dunzo, BigBasket, Amazon, Flipkart, and it is also available at over the top 50 cities of India through the aggregator and marketplace platforms. Going further, SMOOR is also planning to launch a macarons-only e-commerce portal – a first of its kind online store in India.
About SMOOR
A brand that crafts the ultimate indulgence experiences with couverture chocolates, Smoor was created by Vimal Sharma in March 2015. The luxury chocolate brand opened its first flagship store in August 2016 in Bangalore to create a new benchmark for ‘Imagined in India’ finely-crafted foods.
Smoor brings together authentic ingredients, passionate people, and a premium range of products including chocolates, signature cakes, gift hampers, desserts, beverages, and much more. The brand has evolved with changing consumer palettes and delivers a truly exceptional, international experience for every individual who seeks lavish indulgence. The brand also creates a range of special products and gift hampers for occasions such as Diwali, Christmas, and Valentine’s Day.
Smoor’s high-quality products are unique and crafted by some of the finest chocolatiers and chefs from across the globe. Its fine ingredients are sourced from the most sought-after locales in the world, and products are created at a state-of-the-art factory.
Connesierus of coverture chocolates can find Smoor not only at its Signature lounges and stores but also on its website www.smoor.in The brand is also present on platforms such as Swiggy, Zomato, Dunzo, BigBasket, Amazon, Flipkart, and many other such avenues. Its signature stores are located in Bengaluru, Mumbai, and Gurgaon, and it is also available at over top 50 cities of India through the aggregator and marketplace platforms.
About Klub
Klub is India’s leading Revenue Based Financing marketplace providing growth financing to loved consumer brands. Revenue Based Financing takes a revenue share as returns instead of equity dilution or fixed EMIs, making it ideal for a post-Covid financing ecosystem. Klub provides skin-in-the-game capital to beloved brands across sectors including wellness, FMCG, direct-to-consumer, food services, fashion, beauty & personal care, subscription, and online-first retailers for recurring marketing, inventory, and capex spends.
Klub’s hybrid investment platform combines financial product innovation, deep data-driven analytics, high-frequency repayments, and community engagement. The company raised capital for its pre-seed funding round by Sequoia Capital’s accelerator program, Surge, and multiple angel investors including Naveen Tewari (InMobi) and Kunal Shah (Cred) among others.
