Homegrown Manam Chocolate Challenges Imported Brands

Manam Chocolate, a three-year-old Indian company, is aggressively expanding to compete in the nation's premium chocolate market, estimated at ₹5,000 crore annually. This segment has historically been dominated by imported Belgian and Swiss brands. The company recently secured $9 million (approximately ₹86 crore) in Series A funding, led by Omnivore VC, to support its retail expansion, team strengthening, and institutional capabilities.

Chaitanya Muppala, founder of Manam Chocolate, stated that the fundraising is intended to support the next 24 months of operations and a four-year retail rollout plan. Currently, Manam operates outlets in Hyderabad and New Delhi, with plans for further expansion in the National Capital Region, followed by Mumbai or Bengaluru. The company differentiates itself by targeting the broader premium market rather than the niche craft chocolate segment.

Manam Chocolate anticipates significant revenue growth, projecting approximately ₹125 crore in fiscal year 2026-27, rising from around ₹53 crore in fiscal year 2025-26. The company is also targeting operating break-even within the next year. Its business model encompasses gifting, confectionery, desserts, and beverages, with gifting contributing the largest revenue share and e-commerce accounting for 20% of sales.

This investment reflects a wider trend of investor interest in premium Indian food brands. Experts view Manam's funding as validation for the nascent but growing category of Indian premium chocolate. The company also focuses on the entire cacao value chain, working with farms in Andhra Pradesh, Telangana, and Kerala, and is even exporting premium Indian cacao beans to Swiss manufacturers.