Key facts
- Manam Chocolate raised $9 million in a funding round led by Omnivore and Turner Morrison.
- The company plans to expand its retail footprint to 18 stores within the next two years.
- Manam Chocolate controls its entire cacao and chocolate production process.
- The company works with over 250 farmers across 3,000 acres of cacao farms in Andhra Pradesh.
- Approximately 65% of Manam Chocolate's revenue is derived from chocolate and gifting products.
Manam Chocolate, a craft chocolate company, has successfully raised $9 million in a funding round spearheaded by Omnivore, with participation from the Turner Morrison consortium. The company intends to leverage this capital to significantly expand its retail presence, aiming for 18 stores within the next two years. This expansion will also encompass the introduction of new product categories and entry into new markets.
Founded in 2021 by Chaitanya Muppala, Manam Chocolate operates with a vertically integrated model, overseeing the entire process from cacao cultivation to chocolate production. The company collaborates with over 250 farmers who manage approximately 3,000 acres of cacao farms in Andhra Pradesh. Manam Chocolate differentiates itself by purchasing harvested cacao fruit directly from farmers, employing proprietary post-harvest techniques, and utilizing genetically modified fruit to enhance flavor profiles.
In addition to its retail offerings, Manam Chocolate exports fine flavor cocoa beans globally and supplies chocolates to the HoReCa sector. Currently, about 65% of its revenue is generated from chocolate and gifting products, including corporate and personal gifting. While available through direct-to-consumer channels and marketplaces, the company emphasizes its physical retail shops, which account for approximately 80% of its sales, and plans to continue this focus.
Omnivore's Partner, Reihem Roy, noted that investment in Indian cacao origins like Manam Chocolate presents a commercial opportunity amid evolving global cacao supply dynamics and contributes to a more resilient food system. Manam Chocolate competes in the premium chocolate market against established brands such as Paul and Mike, Mason and Co, and Smoor.