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Farmley taps KPMG to raise $50-75M as healthy snacking heats up
Our read
Farmley's ₹396.5 crore FY25 revenue against a ₹22.6 crore loss signals a scaling engine that still needs to prove unit economics before profitability convinces the next investor.
Watch
Announced valuation vs the $110M Series C mark (up-round confirmation)
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The report,
Indian dry-fruit and healthy snacking D2C brand Farmley is seeking $50-75 million in fresh capital, appointing KPMG as advisor, to fund growth, brand-building and expansion amid rising investor interest in India's healthy snacking category.
Reported figures
From the report. Source details below
| $42 million Series C May | 2025 |
|---|---|
| healthy snacking $8.5 billion by | 2031 |
Also in the report
- revenue ₹396.5 crore FY25
- net loss ₹22.6 crore FY25
Other figures
- $110 million valuation
- $57 million total raised
Why it matters for the brand
Farmley's KPMG-advised raise and rapid capital cadence position it as both a consolidation platform and a potential acquisition target in the fragmenting dry-fruit and healthy snacking D2C space.
What to track next
- Investor identity — financial vs strategic FMCG signals consolidation intent
- FY26 revenue run-rate and any narrowing of net loss
- Quick-commerce/modern-trade shelf share gains as proof of channel scale
- Competitor funding announcements within 90 days
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Farmley ramps marketing and offline distribution (modern trade, quick commerce) to justify Series D scale narrative
- Competitors (Happilo, Nutraj, Yoga Bar, True Elements) accelerate their own raises or channel expansion
- Incumbent FMCG players expand private-label healthy snacking to blunt D2C momentum
- KPMG shops term sheet to growth funds and strategic FMCG corporates simultaneously
The counter-case
The case against this reading — not reported by the source.
Raising $50-75M just six months after a $42M Series C at a $110M valuation signals cash burn outpacing plan, not strength. FY25 shows ₹396.5cr revenue against a ₹22.6cr net loss — a thin, still-unprofitable margin in a category with brutal input-cost volatility (dry-fruit prices swing with global harvests and FX). A raise this size on a $110M base implies heavy dilution and possibly a flat or down round; appointing KPMG to shop the deal suggests the company can't quietly close from insiders. 'Healthy snacking' is a crowded, low-moat space where every D2C brand claims the same $8.5B TAM.
The source
First seen