Adukale, a direct-to-consumer snacks and instant foods maker has successfully secured Rs 11 crore in a funding round led by venture fund Force Ventures. According to Vinay Gopinath, the chief growth officer, the funds will primarily fuel the company’s offline expansion efforts.
Established in 2009, Adukale specializes in selling a diverse range of snacks and instant food ingredients for dishes such as dosa, idli, and poha. With this latest funding round, the company has amassed over Rs 16 crore in total funding.
Bharat Kaushik, the Chief Executive, mentioned that Adukale presently operates more than 20 exclusive stores and has a presence in over 1,200 supermarkets and retail outlets.
Gopinath revealed that the company plans to open an additional 12 stores within the next 14 months and aims to expand its presence to 2,500 supermarkets and retail stores during that timeframe.
Apart from Force Ventures, other investors like Anya Ventures, Anvitha Prashanth’s venture, Subrata Mitra from Accel, and Radhika Pandit, spouse of Kannada actor Yash, also participated in the latest funding round.
Adukale currently generates 80 per cent of its total sales from offline channels, with the remainder from online platforms such as its website, BigBasket, Swiggy Instamart, and Zepto.
Kaushik emphasized the importance of maintaining a healthy mix of offline and online presence for long-term profitability, despite the potential growth and lower customer acquisition costs associated with quick-commerce platforms.
Gopinath stated that Adukale has achieved a monthly recurring revenue of Rs 2 crore and aims to increase it by 2.5 times in FY25. The company is currently profitable at a contribution margin level and targets profitability at an earnings before interest, taxes, depreciation, and amortization (EBITDA) level within the next 12-18 months.
