Adukale, the FMCG brand synonymous with Karnataka’s rich culinary heritage, has announced a significant milestone in its growth journey with the successful closure of a pre-series A funding round totaling Rs 11 crore. The funding round was led by Force Ventures, with participation from prominent investors such as Aanya Ventures, Subrata Mitra, and Radhika Pandit, among others.
This infusion of capital marks a pivotal moment for Adukale as it positions itself for accelerated expansion and market dominance in the traditional snacks segment. The company plans to utilize the funds to scale its outlets, bolster its distribution network, and invest in manufacturing and R&D initiatives to diversify its product portfolio for the future.
Bharat Kaushik, Director and CEO of Adukale, expressed his vision for the brand, stating, “At Adukale, our mission extends beyond just culinary offerings; we aim to encapsulate the essence of Karnataka’s diverse culinary tapestry in every dish we craft, striving towards leadership in the market.”
Karthik Bhat from Force Ventures shared his perspective on the collaboration, emphasizing the shared vision of becoming the market leader in the traditional snacks category by 2025. He highlighted Adukale’s role as custodians of Karnataka’s culinary heritage, poised to showcase it on a global stage.
Vinay Gopinath, Chief Growth Officer of Adukale, underscored the importance of the funding in expanding the brand’s channel presence, enhancing visibility, and driving engagement with the target audience.
Currently, Adukale boasts a strong presence with 20 Experience Stores in Bangalore and Mysore, supported by a robust distribution network spanning over 1000 general and modern trade outlets. Additionally, its products are available on leading e-commerce and quick commerce platforms.
In February, Adukale unveiled its latest venture, the Old Bangalore Cafe, a quick-service restaurant offering customers an immersive brand experience. Kaushik outlined the company’s ambitious plans, aiming to become the leading South Indian Karnataka snack player in the market.
The funding secured by Adukale comes at a time when the Indian snack market is witnessing significant growth, with projections indicating a surge to Rs 95,521.8 crore by 2032, compared to Rs 42,694.9 crore in 2023, as reported by the IMARC Group. With its innovative offerings and strategic vision, Adukale is poised to capitalize on this burgeoning market opportunity and emerge as a frontrunner in the FMCG landscape.
