Mumbai: ZOFF Foods has raised $2 million in a Pre-Series B funding round led by JM Financial Private Equity through JM Financial India Growth Fund III, with participation from existing investor Aman Gupta, Co-Founder of boAt.
The latest round marks the second investment in the Raipur-based spice brand, signalling continued investor confidence in the company’s growth trajectory and market positioning.
The company said the fresh capital will be used to strengthen offline distribution, boost marketing and sales initiatives, and accelerate omnichannel expansion across India. The funds will also support the brand’s efforts to scale its presence across quick commerce platforms while expanding its general trade network to deepen market penetration.
Operated by Asquare Foods & Beverages Pvt. Ltd., ZOFF Foods has carved a niche in India’s competitive spices market through its focus on purity, hygiene-led processing, in-house manufacturing, and premium packaging.
Commenting on the investment, Vinit Rai, Managing Director, JM Financial Private Equity, said, “ZOFF Foods stands out as a compelling investment opportunity in the Indian spice category. The founders have not just built a business but created a brand that resonates with consumers, which needs vision, consistency, and a deep understanding of the market. Our partnership is about accelerating their national expansion and helping ZOFF Foods become a leading FMCG brand that delivers sustainable value for years to come across households.”
Investor Aman Gupta, Co-Founder of boAt, added, “I have seen ZOFF Foods evolve from a promising challenger into a brand with strong consumer trust. What truly sets them apart is their unwavering focus on quality, innovation, and disciplined execution. My continued association reflects my strong belief in the founders’ vision and in ZOFF Foods’ ability to build a leading, future-ready brand in India’s dynamic FMCG landscape.”
Speaking about the funding milestone, Akash Agrawalla, Co-Founder, ZOFF Foods, said, “This funding marks a key milestone in our journey as we transition into a rapidly scaling brand. As the spices category shifts towards organised, quality-led players, we believe we are well-positioned to lead this transformation. The fresh capital will help us accelerate our offline expansion, strengthen our distribution, and continue driving innovation. With a significant share of our business coming from quick commerce and general trade, our focus remains on getting even closer to consumers across markets.”
Ashish Agrawal, Co-Founder, ZOFF Foods, added, “Over the years, we have focused on innovation and earning consumer trust in a largely unorganised category. With JM Financial’s association, we are well-positioned to accelerate our next phase of expansion, bringing a proudly homegrown brand to every household in India.”
With the latest funding round, ZOFF Foods plans to expand its footprint across general trade, modern retail and e-commerce platforms, while also growing its portfolio across blended spices, whole spices and allied food categories as it targets the next phase of growth in India’s evolving FMCG market.
