Main Highlights
- SMOOR has raised an undisclosed amount of funding via revenue-based finance platform Klub
- It strives to expand geographically and in terms of products
- Its high-quality products are one-of-a-kind, handcrafted by some of the world’s best chocolatiers and chefs
- It has locations in Bengaluru, Mumbai, and Gurugram. Swiggy, Zomato, Dunzo, BigBasket, Amazon, and Flipkart, among others, sell their products in 50 cities through online platforms
SMOOR, a premium chocolate business based in Bengaluru, has raised an undisclosed amount of funding via revenue-based finance platform Klub. According to an official release, the money will mostly be used to maintain SMOOR’s existing growth pace as it strives to expand geographically and in terms of products. It will use the capital as a bridge until it raises Rs 50 crore by the end of the year, according to the startup.
SMOOR’s Strategy to Utilise the Funds
SMOOR’s long-term strategy aims to broaden its appeal. Building on a 20x increase in online sales in the previous financial year, the company hopes to increase its online sales channel by another 10x this year.
It is also considering investing some of its funds in a new 30,000 square foot production facility and experience center. This will assist the brand in meeting the increased demand while developing new products with special machinery.
SMOOR is a gourmet chocolate brand founded by Vimal Sharma in 2015. It claims to use only the best ingredients and offers a high-end selection of chocolates, signature cakes, gift baskets, desserts, beverages, and more.
While the company’s first store, called Signature, opened in Bengaluru in 2016, it now has locations in Bengaluru, Mumbai, and Gurugram. Swiggy, Zomato, Dunzo, BigBasket, Amazon, and Flipkart, among others, sell their products in 50 cities through online platforms.
Vimal Sharma, Founder-Director, & CEO SMOOR’s Verdicts
“Our sector is at an inflection moment when we are seeing a significant spike in the popularity of our products,” Vimal Sharma, Founder-Director, & CEO SMOOR, said of the trend. Chocolates are becoming a popular snacking option among consumers, and demand is expected to soar across the country.
“We are thrilled to be able to acquire cash through Klub’s invite-only patron investor network, which will enable us to expand our capacity during this period of hyper-growth. We’re enthusiastic to see what happens next in this arena, and we’re prepared to meet the exploding demand for our most popular, delicious, premium products, he adds.”
“We are ecstatic to be able to raise funds through Klub’s invite-only patron investor network, which will allow us to expand our capacity during this period of hyper-growth.” In a statement, Vimal said, “We are delighted to see what the future holds in this field, and we are ready to meet the tremendous surge in demand with the most-loved, delicious, premium products.”
Anurakt Jain, CEO, and Co-founder of Klub’s Verdicts
“We are ecstatic to be able to provide expansion money to a brand as fast-growing and ambitious as SMOOR through revenue-based financing. It is at a really intriguing stage in its growth trajectory, with its state-of-the-art production process and category-defining product portfolio. With this capital infusion, we hope to see the brand reach new heights,” stated Anurakt Jain, CEO, and Co-founder of Klub.
Its high-quality products are one-of-a-kind, handcrafted by some of the world’s best chocolatiers and chefs. Its premium ingredients are gathered from the world’s most coveted locations, and goods are made in a cutting-edge facility.
Couverture chocolate connoisseurs may find it not only in the company’s Signature lounges and stores but also on its website, www.smoor.in. Swiggy, Zomato, Dunzo, BigBasket, Amazon, Flipkart, and a variety of other platforms are all home to the brand. Bengaluru, Mumbai, and Gurgaon are home to its signature outlets. It is also offered through aggregator and marketplace platforms in over 50 Indian locations.
