This is the second investment by JM Financial Private Equity in Asquare Foods and Beverages, which owns Zoff Foods. The private equity firm had invested Rs 40 crore in August 2024.
“Consumers are looking at premiumisation across categories, including spices. The fresh funding will strengthen the company on e-commerce play, as well as help increase focus on offline distribution,” said Akash Agrawalla, co-founder, Zoff Foods.
Zoff Foods (Zone of Fresh Foods), which makes and sells ground, blended and whole spices categories, was founded in 2018 in Raipur by brothers Akash and Ashish Agrawalla.
“We see a big opportunity in the category. There has been no pan India brand in spices as it’s been a very regional-driven business,” said Vinit Rai, managing director, JM Financial Private Equity. “Besides, consumer behaviour towards the category is changing dramatically, fuelled by quick commerce; with premiumisation across categories increasing dramatically.”
Recent years have seen large legacy companies such as ITC, Dabur and Emami acquiring stakes in smaller, regional spices brands, to compete with local players in a hyper-competitive and fragmented market. Zoff Foods too has been actively pursued by several legacy companies for stake acquisition. However, Agrawalla said the company is not looking to divest stake in the business.
Research firm IMARC projected the Indian spices market to grow to Rs 5.2 lakh crore by 2034, up from Rs 2.2 lakh crore in 2025, growing at a compound annual growth rate of 10.14% from 2026-2034.
“This market is experiencing a fundamental structural transformation as consumer preferences evolve. The industry is expanding beyond its traditional unorganised sector base, with branded packaged spices and ready-mix blends capturing increasing market share,” the report said.
Zoff Foods reported revenue of Rs 103 crore in FY25, compared with Rs 93 crore in FY24, according to its filings sourced from the Registrar of Companies (RoC).