Raipur-based FMCG brand ZOFF Foods, known for its range of whole spices, blended spices, and kitchen essentials, has secured $2 million in fresh funding from JM Financial Private Equity. The investment marks the second round of funding from the firm, reinforcing its confidence in the company’s growth strategy and the expanding premium spices market in India.
The new capital is expected to help ZOFF Foods strengthen its e-commerce presence, expand offline distribution networks, and accelerate its growth in India’s highly competitive spices industry.
Second Investment from JM Financial Private Equity
The latest funding follows an earlier investment by JM Financial Private Equity in August 2024, when the firm invested ₹40 crore in Asquare Foods and Beverages, the parent company of ZOFF Foods.
With this follow-up investment, JM Financial Private Equity continues to back the brand as it seeks to build a strong national presence in the spices category, which has traditionally been dominated by regional players.
According to Akash Agrawalla, co-founder of ZOFF Foods, the new funding will be used to strengthen both digital and physical distribution channels.
“Consumers are increasingly looking at premiumisation across categories, including spices. This fresh funding will help us strengthen our e-commerce play while also expanding our focus on offline distribution,” Agrawalla said.
Read more: Capgemini to Acquire Piterion to Strengthen Digital Manufacturing
Rising Demand for Premium Spice Brands
India’s spices market is one of the largest in the world, but it remains highly fragmented with many regional brands dominating local markets. However, consumer preferences are evolving rapidly, especially with the growth of e-commerce and quick commerce platforms.
Industry investors believe this shift is creating space for new national brands focused on quality, packaging, and convenience.
Vinit Rai, Managing Director at JM Financial Private Equity, said the spices category presents a major opportunity for modern consumer brands.
“We see a significant opportunity in this segment. Historically, the spices market has been largely regional-driven, with few pan-India brands emerging,” Rai said.
He added that changing consumer behavior, driven by the rise of quick commerce and online grocery platforms, is accelerating demand for premium packaged spice products.
Building a National Spice Brand
ZOFF Foods was founded in 2018 by brothers Akash Agrawalla and Ashish Agrawalla with the goal of creating a modern spice brand that combines traditional Indian flavors with high-quality processing and packaging.
The company produces and sells a wide variety of spice products, including:
-
Whole spices
-
Ground spices
-
Blended spice mixes
-
Kitchen essentials
The brand has focused heavily on quality control, modern packaging, and digital-first distribution, positioning itself as a premium alternative in the packaged spices category.
Growth Through E-Commerce and Quick Commerce
One of the key drivers behind ZOFF Foods’ growth has been its strong presence in online marketplaces and quick commerce platforms.
With more consumers purchasing groceries through digital channels, the company has been able to reach customers across multiple cities without relying solely on traditional retail networks.
The fresh funding is expected to further strengthen the company’s online distribution strategy, while also helping it expand into offline retail stores across India.
Industry experts say that building an omnichannel distribution strategy—combining e-commerce, quick commerce, and offline retail—will be critical for consumer brands aiming to scale nationally.
Financial Performance and Growth
ZOFF Foods has shown steady revenue growth over the past year.
According to filings with the Registrar of Companies (RoC), the company reported ₹103 crore in revenue for FY25, compared with ₹93 crore in FY24.
The growth reflects increasing demand for branded spices and packaged kitchen ingredients among urban consumers.
As the company expands its distribution network and strengthens its digital presence, it aims to further increase its market share in the competitive FMCG spices segment.
The Bigger Picture: Modernizing India’s Spices Market
India’s spices industry has historically been dominated by small regional brands and loose, unbranded products. However, rising consumer awareness about food safety, hygiene, and product quality is gradually shifting demand toward packaged and branded spice products.
At the same time, the growth of quick commerce platforms and online grocery delivery services is changing how consumers purchase everyday kitchen ingredients.
This evolving landscape has created opportunities for new-age brands like ZOFF Foods to build national-scale consumer businesses in a traditionally fragmented category.
With fresh capital from JM Financial Private Equity and a strategy focused on premium products, digital distribution, and broader retail expansion, ZOFF Foods is positioning itself to become a stronger player in India’s rapidly evolving FMCG market.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.