The craft chocolate company plans to use the funding to expand its retail footprint to 18 stores in the next two years, adding more product categories and entering new markets. Currently, it has three retail shops in Hyderabad and the Delhi National Capital Region.
Founded in 2021 by Chaitanya Muppala, the Hyderabad-based company controls its entire process of cacao and chocolate production. It has a network of over 250 farmers managing over 3,000 acres of cacao farms in Andhra Pradesh. Cacao refers to the raw and unprocessed beans of the cacao tree, which are used to make chocolate and cocoa products.
“We buy the harvested cacao fruit from the farmers, rather than the industry standard of buying dried beans. We use proprietary post-harvest processes and genetically modify the fruit to enhance flavours,” said Muppala.
Apart from producing retail chocolates, Manam Chocolates exports fine flavour cocoa beans abroad and produces chocolates for the HoReCa (hotels, restaurants, and cafes) sector.
The company produces craft chocolates, especially for gifting, for its retail customers. About 65% of its revenue currently stems from chocolate and gifting, including corporate, one-to-one social, and personal gifting, according to Muppala.
Apart from its physical stores, Manam Chocolate is available on its direct-to-consumer (D2C) channels and marketplaces, including quick commerce platforms. However, about 80% of sales come from its physical retail shops, which it plans to continue focusing on.
Commenting on the funding, Reihem Roy, Partner, Omnivore, said, “As climate pressures reshape global cacao supply, investment in alternative, high-quality origins such as India represents both a commercial opportunity and contribution to a more resilient global food system.”
In the premium chocolate segment, Manam Chocolate competes with the likes of Kerala-based Paul and Mike, Tamil Nadu-based Mason and Co, and Rebel Foods’ Smoor.