SMOOR Receives Funding From Klub
The funds will assist the platform in continuing its growth trajectory until the brand secures its Series A funding of INR 50 crore by the end of 2021
Bengaluru-based luxury chocolate brand SMOOR that crafts indulgence experience with couverture chocolates, announced on Monday to have raised growth financing of an undisclosed amount from revenue-based financing platform, Klub.
The amount raised will be primarily used to sustain SMOOR's current growth momentum as it gears up for geographical and product expansion. The funds raised from Klub will act 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 stark rise in the popularity of our products. As chocolates become a preferred snacking option for consumers, the demand is set to skyrocket across the country. We are delighted to raise capital through Klub's invite-only patron investor network and that will allow us to operate at a greater capacity during this period of hyper-growth. We are excited to see the future developments that unfold in this space, and ready to take on the explosive growth in demand with the most-loved, delicious, premium products," said Vimal Sharma, founder-director, and chief executive officer, SMOOR.
SMOOR's long-term plan is to launch its stores in Mumbai and Delhi. Building on its twentyfold growth in online sales during the last financial year, the brand aims to clock another tenfold growth this year on its online sales channel. SMOOR is also looking at allocating a part of its funds towards a new state of the art 30,000 square feet production facility cum experience centre. This will help the brand meet the growing demand while developing new products with special machinery, the platform shared.
"Since its inception, Klub has been actively identifying brands and businesses with immense potential and partnering with them to support them in their efforts to scale up. We are delighted to offer growth capital through Revenue Based Financing to a brand as fast-growing and ambitious 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 achieve greater heights with this capital infusion," added Anurakt Jain, chief executive officer and co-founder, Klub.
SMOOR's 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 at over the top 50 cities of India through the aggregator and marketplace platforms. Going further, SMOOR is also planning to launch a macarons-only e-commerce portal.