Gourmet Chocolate Start Smoor is in the process of closing a Rs 50 crore Series A round in the next six months, a senior company official said. the Start will also launch a one-of-a-kind experience center in Bengaluru at a cost of Rs 12 crore where visitors can experience the exquisite craft Chocolate manufacturing.
“It will be a 30,000 square foot facility that will bring global best practices in luxury Chocolate manufacturing. In addition, it will allow customers to see how the chocolates are made. Chocolates will also be produced for export here, ”said Vimal Sharma, CEO of Smoor, who has more than two decades of experience in the food industry. the Start plans to enter West Asia next year.
The started-up company also plans to grow from the current 20 outlets to 130 over the next five years. Outlets will include cafes, lounges and kiosks in shopping malls and airports. While sales of their gourmet chocolates have been battered due to lockdowns, the e-commerce segment has grown by over 390%. “We will be launching soon on Amazon, Flipkart, BigBasket and Grofers,” Sharma said. The startup achieved single-digit growth in FY21 and plans to end FY22 with revenue of Rs 100 crore. The startup competes with brands such as ITC’s Fabelle in the premium chocolates segment.
Currently, a Rs 3,000 crore opportunity in India, the luxury chocolate market is growing at 32 percent, which is much higher than the 13 percent growth rate of the overall chocolates segment.
Smoor is betting big on snacking chocolates for its next phase of growth and will launch a line of superfood-infused chocolates and energy bars for health-conscious consumers. “There will be a health history associated with the chocolates, so we’re also focusing on 70 to 85 percent cocoa in our range,” Sharma said.