SMOOR receives funding from Klub
The funds will help the platform continue on its growth path until the brand secures its INR 50 crore Series A funding by the end of 2021.
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July 12, 2021
3 minutes to read
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Bengaluru-based luxury chocolate brand SMOOR, which creates a pleasurable experience with couverture chocolates, announced on Monday that it had raised growth funding in an undisclosed amount from the capital-based funding platform. income, 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 SMOOR until it raises INR 50 crore by the end of 2021.
“Our industry is at an inflection point where we are seeing a surge 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, ”said Vimal Sharma, founder-director and CEO of SMOOR. .
SMOOR’s long-term plan is to launch its stores in Mumbai and Delhi. On the strength of the twenty-fold increase in its online sales over the past financial year, the brand aims to increase further growth in its online sales channel this year. SMOOR also plans to allocate a portion of its funds to a new, state-of-the-art 30,000 square foot production facility and experience center. This will help the brand meet growing demand while developing new products with special machines, the platform shared.
“Since its creation, Klub has actively identified brands and companies with immense potential and has partnered with them to support them in their development efforts. We are excited to offer growth capital through revenue-based financing to such a fast-growing and ambitious 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 look forward to seeing the brand reach new heights with this infusion of capital, ”added Anurakt Jain, CEO and co-founder of Klub.
SMOOR 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 in India’s 50 largest cities through aggregation and marketplace platforms. To go further, SMOOR also plans to launch an e-commerce portal reserved for macaroons.