SMOOR chocolate brand prepares for geographic and product expansion
SMOOR, a company based in Bangalore luxury chocolate brand who creates the ultimate indulgence experience with couverture chocolates, has raised undisclosed growth funding from revenue-based funding platform Klub. The amount raised will be primarily used to support SMOOR’s current growth momentum as it prepares for geographic and product expansion.
Funds raised from Klub will serve as a bridge for the brand until it raises Rs 50 crore by the end of 2021.
The brand’s long-term plan is to launch its stores in Mumbai and Delhi. Building on its 20-fold growth in online sales over the past fiscal year, the brand is targeting further 10-fold growth this year on its online sales channel. SMOOR also plans to allocate a portion of its funds to a new, state-of-the-art 30,000 square foot production facility cum experience center. This will help the brand to meet the growing demand while developing new products with special machines.
Speaking on the development, Vimal Sharma, Founder-Director and CEO of SMOOR, said, “Our industry is at an inflection point where we are seeing a huge increase in the popularity of our products. As chocolates become a favorite snack option for consumers, demand is expected to skyrocket across the country. We are excited to be raising capital through Klub’s invitational sponsorship investor network and this will allow us to operate at greater capacity during this time of hyper-growth. We are excited to see future developments taking place in this space, and ready to meet the explosive growth in demand with the most popular, delicious and premium products. “
Klub CEO and Co-Founder Anurakt Jain added: “Since its inception, Klub has actively identified brands and companies with immense potential and partnered with them to support them in their development efforts. We are delighted to offer growth capital through revenue-based financing to such an ambitious and rapidly growing brand 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 can’t wait to see the brand reach new heights with this infusion of capital. “
SMOOR Signature stores are present in Bengaluru, Mumbai and Gurugram. Its products are also available on platforms such as Swiggy, Zomato, Dunzo, BigBasket, Amazon, Flipkart, and it is also available in India’s 50 largest cities through aggregation and marketplace platforms.
To go further, SMOOR also plans to launch a macaroons-only offer e-commerce portal, a unique online store in India.