Craft Chocolate Brand Secures Fresh Capital For Expansion
Craft chocolate company Manam Chocolate has raised $9 million in a funding round led by Omnivore, with participation from the Turner Morrison consortium.
The funding marks a significant milestone for the homegrown bean-to-bar chocolate maker as it looks to strengthen its retail footprint, expand product offerings, and enter new markets.
According to the company, the fresh capital will support the next phase of growth across both retail and consumer segments.
Funds To Support Store Expansion And New Product Categories
Manam Chocolate plans to use the proceeds to expand its physical retail network from its current presence to 18 stores over the next two years.
The company also intends to introduce new product categories and strengthen its market presence beyond its existing geographies.
The expansion comes as demand for premium and artisanal chocolate products continues to rise among Indian consumers, particularly in the gifting and premium food segments.
What Does Manam Chocolate Do?
Founded in 2021 by Chaitanya Muppala, Manam Chocolate is a bean-to-bar chocolate company that manufactures craft chocolates using Indian-grown cacao.
The company controls the value chain from sourcing cacao beans to producing finished chocolate products, allowing it to focus on quality, traceability, and unique flavor profiles.
Apart from retail chocolate products, Manam also exports fine-flavour cocoa beans and supplies chocolates to the HoReCa (Hotels, Restaurants, and Cafes) segment.
Its portfolio includes premium chocolates, gift boxes, corporate gifting solutions, and specialty products targeted at discerning consumers.
Gifting Business Drives Revenue Growth
Gifting remains the company’s largest revenue contributor.
According to Manam Chocolate, nearly 65% of its revenue comes from chocolate and gifting products, including corporate gifting, festive gifting, social occasions, and personal purchases.
The premium gifting segment has emerged as a major growth driver as consumers increasingly seek unique and high-quality products for celebrations and special occasions.
Strong Retail-Led Business Model
While the company sells through its direct-to-consumer website, online marketplaces, and quick-commerce platforms, physical retail remains its primary sales channel.
Nearly 80% of Manam Chocolate’s revenue currently comes through its retail outlets.
The company presently operates three stores across Hyderabad and the Delhi-NCR region, which serve as both retail destinations and brand experience centers.
The planned expansion to 18 stores is expected to significantly increase customer reach and brand visibility.
Supporting Indian Cacao Farmers
One of Manam Chocolate’s distinguishing features is its focus on building a domestic cacao ecosystem.
The company works with more than 250 farmers cultivating over 3,000 acres of cacao farms across Andhra Pradesh.
By sourcing directly from Indian farmers, Manam aims to strengthen local cacao cultivation while creating premium chocolate products rooted in Indian agriculture.
This farm-to-chocolate approach has helped the company position itself as a premium Indian craft chocolate brand.
Competition In India’s Premium Chocolate Market
The premium chocolate segment in India has witnessed increasing competition in recent years as consumers shift toward artisanal and high-quality offerings.
Manam Chocolate competes with established craft chocolate brands such as Paul and Mike, Mason & Co, and Rebel Foods-backed Smoor.
With fresh funding and aggressive expansion plans, the company aims to strengthen its position in India’s growing premium chocolate and gifting market.
