SMOOR receives growth capital funding from Klub
Funds raised from Klub will serve as a bridge for SMOOR until it raises INR 50 crore by the end of 2021.
SMOOR, the leading Bangalore-based luxury chocolate brand that creates the ultimate indulgence experience with couverture chocolates, has raised growth funding in an undisclosed amount from the 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.
There is plenty 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 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 and 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 is the world’s first community-driven revenue-based funding platform that provides growth funding to local consumer brands. Klub provides capital for high ROI, cyclical spending like marketing, inventory, capital spending, and more that are revolutionizing the way the first mainstream online brands raise funding. Klub CEO and Co-Founder Anurakt Jain said: “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 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 can’t wait to see the brand reach new heights with this infusion of capital. “