Hyderabad: Manam Chocolate, a Hyderabad-based bean-to-bar craft chocolate company, has raised USD 9 million in a Series A funding round led by venture capital firm Omnivore, with participation from the Turner Morrison consortium, as the brand moves to take on imported Belgian and Swiss chocolates in India’s fast-growing premium confectionery market.
The company said the fresh capital will be deployed to expand its retail footprint, with an immediate focus on launching new experiential store formats across the Delhi–NCR region over the next 12 months. Further expansion into Mumbai or Bengaluru is planned in subsequent phases. The company aims to increase its revenue from Rs 53 crore to Rs 260 crore.
Founded in 2021 by Chaitanya Muppala, Manam currently operates three outlets: its flagship Manam Chocolate Karkhana in Banjara Hills, Hyderabad, a beverage bar in Knowledge City, and a recently launched store at Eldeco Centre in New Delhi.
Unlike conventional chocolate manufacturers that rely on imported cocoa, Manam builds from the ground up. Through its parent company, Distinct Origins Pvt Ltd, the brand works with a network of over 250 farmers cultivating more than 3,000 acres of cacao across three states, with a significant presence in Andhra Pradesh’s West Godavari district, one of India’s largest cacao-growing regions.
The company also runs the Distinct Origins Cacao Fermentery in Tadikalapudi, West Godavari, described as one of the largest fine-flavour cacao fermentation facilities in the world, where proprietary, science-led processes are used to develop distinct Indian cacao profiles.
Gifting accounts for approximately 65 per cent of the company’s revenue, according to Indian Startup Times, catering to corporate, social, and personal occasions. The company plans to scale from its current three stores to 18 outlets over the next two years, while diversifying its product portfolio.
Commenting on the fundraiser, Muppala said the investment marks a milestone in the company’s efforts to build a globally respected Indian craft chocolate brand. “We have focused on strengthening every part of the value chain, from cacao cultivation and fermentation to chocolate making. This investment will help us scale further, expand into key markets and continue showcasing the potential of Indian cacao,” he said.
Omnivore partner Reihem Roy said the investment reflects growing interest in origin-led consumer brands that create value at the farm level. “Premium consumer brands like Manam Chocolate demonstrate how farmer-linked supply chains can improve livelihoods while building resilient food systems. As climate pressures reshape global cacao supply, investment in alternative, high-quality origins such as India represents both a commercial opportunity and a contribution to a more resilient global food system,” he said.
India’s premium chocolate market is estimated at USD 1.64 billion as of 2025 and is projected to grow at an annual rate of over six per cent through 2030, according to industry estimates.
