ZOFF Foods raises $2 million in Pre-Series B round from JM Financial Private Equity
Raipur-based spice brand ZOFF Foods today announced that it has raised $2 million in a Pre-Series B funding round led by existing investor JM Financial Private Equity through JM Financial India Growth Fund III, along with Aman Gupta, Co-Founder of boAt. This marks the second round of investment in the company, reinforcing their continued confidence in the brand’s growth and market potential.
The fresh capital will be used to strengthen offline distribution, marketing, and sales, and accelerate expansion and omnichannel growth across India. The company will also use the funds to scale its presence across quick commerce platforms and expand its General Trade network to drive deeper market penetration. ZOFF Foods, operated by Asquare Foods & Beverages Pvt. Ltd., has built a differentiated position in India’s highly competitive spices market through its focus on purity, hygiene-led processing, in-house manufacturing, and premium packaging.
Vinit Rai, Managing Director, JM Financial Private Equity, said, “ZOFF Foods stands out as a compelling investment opportunity in the Indian spice category. The founders have not just built a business but created a brand that resonates with consumers, which needs vision, consistency, and a deep understanding of the market. Our partnership is about accelerating their national expansion and helping ZOFF Foods become a leading FMCG brand that delivers sustainable value for years to come across households.”
“I have seen ZOFF Foods evolve from a promising challenger into a brand with strong consumer trust. What truly sets them apart is their unwavering focus on quality, innovation, and disciplined execution. My continued association reflects my strong belief in the founders’ vision and in ZOFF Foods’ ability to build a leading, future-ready brand in India’s dynamic FMCG landscape,” said Aman Gupta, Co-Founder, boAt.
Akash Agrawalla, Co-Founder, ZOFF Foods, said, “This funding marks a key milestone in our journey as we transition into a rapidly scaling brand. As the spices category shifts towards organised, quality-led players, we believe we are well-positioned to lead this transformation. The fresh capital will help us accelerate our offline expansion, strengthen our distribution, and continue driving innovation. With a significant share of our business coming from quick commerce and general trade, our focus remains on getting even closer to consumers across markets.”
“Over the years, we have focused on innovation and earning consumer trust in a largely unorganised category. With JM Financial’s association, we are well-positioned to accelerate our next phase of expansion, bringing a proudly homegrown brand to every household in India.” Ashish Agrawal, Co-Founder, ZOFF Foods.
With this round, ZOFF Foods aims to deepen its presence across general trade, modern retail, and e-commerce platforms while expanding its product portfolio across blended spices, whole spices, and allied food categories.