India’s premium food and beverage market is witnessing a growing appetite for artisanal, locally sourced products, and craft chocolate is emerging as one of the most exciting categories within that transformation. Riding this wave, bean-to-bar chocolate maker Manam Chocolate has raised $9 million in a funding round led by Omnivore, with participation from the Turner Morrison consortium.
The fresh capital will help the company accelerate its retail expansion, launch new product categories, and enter new markets as it seeks to strengthen its position in India’s rapidly evolving premium chocolate segment.
Building a Homegrown Craft Chocolate Brand
Founded in 2021 by Chaitanya Muppala, Manam Chocolate was created with a vision to showcase the potential of Indian cacao through world-class bean-to-bar chocolate products.
Unlike conventional chocolate manufacturers that often rely on imported cocoa, Manam focuses on sourcing and processing Indian-grown cacao, creating chocolates that reflect the unique flavor profiles of local farms while supporting domestic agricultural ecosystems.
The company operates across multiple segments, including retail chocolate products, fine-flavour cocoa bean exports, and chocolate manufacturing for the hospitality industry, serving hotels, restaurants, and cafés across India. Over a relatively short period, Manam has established itself as one of the emerging names in India’s craft chocolate movement, helping elevate the perception of Indian cacao among both domestic and international consumers.
Funding to Drive Expansion
The newly raised capital will be deployed toward expanding Manam Chocolate’s retail presence from its current footprint to 18 stores over the next two years. The company currently operates three retail outlets across Hyderabad and the Delhi-NCR region, where customers can experience its premium chocolate offerings through immersive retail formats.
As consumer demand for premium gifting and artisanal food products continues to rise, the company sees physical retail as a key driver of growth and brand engagement. In addition to expanding stores, the company plans to diversify its product portfolio and enter new geographical markets, further strengthening its presence in India’s premium confectionery landscape.
The Growing Business of Chocolate Gifting
One of the most notable aspects of Manam Chocolate’s business model is its strong focus on gifting. According to the company, approximately 65% of its revenue comes from chocolate and gifting products, catering to corporate, social, and personal gifting occasions. This positioning allows the brand to tap into a large and growing market where consumers are increasingly seeking premium, personalized alternatives to traditional gift options.
The shift toward premium gifting has been accelerated by rising disposable incomes, changing consumer preferences, and the growing popularity of experiential and curated products. For brands like Manam Chocolate, this trend presents an opportunity to move beyond seasonal purchases and become a year-round gifting choice.
Omnichannel Presence Strengthens Growth
While retail stores remain the company’s primary revenue driver, Manam has also built a strong omnichannel presence. The brand sells directly through its own website and leverages online marketplaces, including quick-commerce platforms, to reach consumers across the country.
However, nearly 80% of its current sales continue to come from physical stores, underscoring the importance of experiential retail in the premium chocolate category. By combining offline experiences with digital convenience, the company aims to create a seamless customer journey while expanding its reach beyond the cities where it currently operates.
Supporting India’s Cacao Ecosystem
Beyond chocolate manufacturing, Manam Chocolate is also contributing to the development of India’s cacao supply chain. The company works closely with more than 250 farmers cultivating cacao across over 3,000 acres of farmland in Andhra Pradesh.
This farmer network plays a critical role in ensuring a consistent supply of high-quality cacao while creating sustainable income opportunities for agricultural communities. As global interest in traceable and ethically sourced ingredients grows, strong relationships with growers are becoming increasingly important for premium food brands seeking to differentiate themselves in competitive markets.
Competition in the Premium Chocolate Segment
India’s craft chocolate market has become increasingly competitive as consumers embrace premium and artisanal alternatives. Manam Chocolate competes with notable players such as Paul and Mike, Mason & Co, and Smoor, each of which has helped shape consumer awareness around bean-to-bar chocolate in India.
Despite growing competition, the market remains relatively underpenetrated compared to global standards, offering significant room for expansion. The combination of rising premiumization, increasing awareness of product origins, and growing demand for gifting products is expected to create substantial opportunities for brands operating in the space.
Looking Ahead
The latest funding round marks an important milestone for Manam Chocolate as it moves from an emerging craft brand to a scaled premium consumer business. With plans to significantly expand its retail footprint, diversify product offerings, and deepen its presence across markets, the company is positioning itself at the intersection of premium food, retail, and agricultural innovation.
As India’s craft chocolate industry continues to mature, Manam Chocolate’s focus on locally sourced cacao, farmer partnerships, and premium consumer experiences could help it play a defining role in shaping the future of homegrown chocolate brands.
By : Vanshika Tayal
