ZOFF Foods raises $2 million round from JM Financial PE

This marks the second investment by JM Financial Private Equity in the company.

Earlier, in August 2024, the firm had invested ₹40 crore in Asquare Foods and Beverages, the parent company of ZOFF Foods.

“Consumers are looking at premiumisation across categories, including spices. The fresh funding will strengthen the company on e-commerce play, as well as help increase focus on offline distribution,” said Akash Agrawalla, co-founder, Zoff Foods.

“We see a big opportunity in the category. There has been no pan India brand in spices as it’s been a very regional-driven business,” said Vinit Rai, managing director, JM Financial Private Equity. “Besides, consumer behaviour towards the category is changing dramatically, fuelled by quick commerce; with premiumisation across categories increasing dramatically.”

ZOFF Foods was founded in 2018 by brothers Akash Agrawalla and Ashish Agrawalla.

The company produces and sells a wide range of spices, including ground, blended, and whole varieties.

ZOFF Foods reported ₹103 crore revenue in FY25, up from ₹93 crore in FY24, according to filings with the Registrar of Companies (RoC).

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