Mumbai-based startup Spice Story on Wednesday said it has raised funds from Agility Ventures, Maxar.vc, Nafa capital and select FMCG industry leaders. The company did not divulge the quantum of funds raised, but said that the capital will largely be used to bolster the distribution network and build scale on the online platforms.
“Spice Story… has raised an undisclosed pre-series A round fund from Agility Ventures, Maxar.vc, Nafa capital and select FMCG industry leaders viz. Anupam Bokey, Anand Dhodapkar, etc,” the startup said in a statement. Founded by Soumyadeep Mukherjee and Gayatri Gogate, Spice Story offers a range of ethnic Indian chutneys in modern sauce form.
It began with three products, and now offers nearly 15 varieties curated from regional influences across India, such as Agra ki Saunth, Indori Lemon Chutney, Dilliwali Spicy Mint Chutney, Mumbai Schezwan Mayhem, Kolkata Mango Mustard Adventure, and The Original Kolhapuri Jhatka, among others. The brand has already crossed the sale of half a million units this year, and is aiming to cross 1.5 million units by the next fiscal, the statement added.
The brand had earlier raised capital in a seed round in January 2021. Spice Story operates on an omnichannel model. While e-commerce remains the primary focus, the brand already has a foot in the doors of some large retail chains in India, boosting its growth momentum and build-up goals.
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