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Earlier report,
Emami, ITC, Britannia and Orkla India eye Farmley stake in deal that could value the snacks brand at ₹2,000 crore
Since then, : New: Series C valuation in 2025: ₹944 crore
Our read
A strategic food company will most likely win the early investors' 31% block at a valuation close to ₹2,000 crore, with bids by the end of October setting the price.
For operators
Farmley's rise to ₹396 crore in FY25 revenue, up 72%, with about 80% of sales online, shows that a digital-first snacks brand can scale fast, so packaged-food teams should pressure-test their own online share and pricing before Emami, ITC, Britannia or Orkla India adds that capability.
Watch
Preliminary bids above the ₹2,000 crore valuation reported, by the end of October, would mean buyers are paying for growth and rivals' backers get a higher marker.
Ask next
The report,
Farmley's early investors, holding a combined 31%, have put their shares on the block, and preliminary bids are due October end. KPMG is advising them, and the sale could become a majority stake sale if the founders also sell.
- FY25 revenue₹396 crore
- Expected FY27 revenue₹700-750 crore
What we verified
Checked against the other reports of this story.
- Early investors' combined stake on sale: 31 per cent — ET Small Business and Business Standard agree.
- Founders' combined stake: 32 per cent — ET Small Business and Business Standard agree.
- L Catterton stake: 21 per cent — ET Small Business and Business Standard agree.
What to track next
- Which of the four named suitors actually submit bids and who is shortlisted
- Whether the sale is of the 31% minority block alone or includes a route to control
- Farmley's reported revenue run-rate against the ₹700-750 crore FY27 expectation
- Any shift in the roughly 80% online share as Farmley adds offline retail
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Emami, ITC, Britannia and Orkla India are likely to put in preliminary bids by the end of October, each pitching its distribution reach as the synergy.
- Farmley's early investors, who hold a combined 31%, are likely to run a competitive process and shortlist the highest, most credible bidders after the first round.
- ITC and Britannia may value Farmley's online-first model as a way into direct-to-consumer snacking, pricing it against their own packaged-food growth.
- Farmley's management is likely to keep pushing toward the ₹700-750 crore FY27 revenue goal during diligence, to defend a ₹2,000 crore valuation.
- Rival snack start-ups and their backers may cite the Farmley price as a benchmark in their own fundraising or exit talks.
Updates
Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.
New: Series C valuation in 2025: ₹944 crore
Reported as “Emami, ITC, Britannia and Orkla India eye Farmley stake at potential ₹2,000 crore valuation”
Reported figures
From the report. Source details below
| Founders' combined stake: | 32% |
|---|---|
| L Catterton stake: | 21% |
| Expected FY27 revenue: | ₹700-750 crore |
| FY25 revenue: | ₹396 crore |
| FY25 revenue growth: | 72% |
| Share of revenue from online sales: | 80% |