Premium craft chocolate brand Manam Chocolate has raised $9 million in Series A funding led by Omnivore, with participation from the Turner Morrison consortium.
The latest capital infusion will be utilised to accelerate the company’s aggressive expansion plans, with the launch of new retail spaces in the Delhi NCR region over the next 12 months.
Founded in 2021 by Hyderabad-based entrepreneur Chaitanya Muppala, India’s first Level 3 Certified Chocolate Taster accredited by the International Institute of Chocolate and Cacao Tasting (IICCT), US.
The company has positioned itself as a vertically integrated, farm-to-bar chocolate brand, controlling the entire value chain from cacao cultivation and fermentation to chocolate manufacturing and retail. Through its parent entity, Distinct Origins Pvt. Ltd., Manam works with more than 250 farmers cultivating over 3,000 acres of cacao in Andhra Pradesh’s West Godavari district, the country’s largest cacao-growing region.
At the centre of its sourcing network is the Distinct Origins Cacao Fermentery in Tadikalapudi, West Godavari, which the company claims is among the world’s largest cacao fermentation facilities. The facility uses proprietary fermentation processes to improve the flavour consistency and quality of Indian-grown cacao.
The company currently operates experiential retail outlets in Hyderabad and New Delhi, including its flagship Manam Chocolate Karkhana in Banjara Hills, and sells products nationwide through its direct-to-consumer channels.
Commenting on the fundraise, founder Chaitanya Muppala said the capital would help the company strengthen its presence in key markets and scale operations across the value chain. “Over the last few years, we have focused on building capabilities across cacao cultivation, fermentation, chocolate making and retail. The new investment will help us expand with greater intent while continuing to showcase the potential of Indian cacao globally,” he said.
Reihem Roy, partner at Omnivore, said Manam’s farmer-linked sourcing model demonstrates how value addition at origin can improve farm-level incomes while reducing exposure to commodity price volatility. He added that climate-related disruptions to global cacao supply chains could create opportunities for emerging origins such as India to play a larger role in the global chocolate industry.