The funds raised from Klub will act as a bridge for SMOOR until it raises INR 50 crore by the end of 2021.
SMOOR, leading Bangalore-based luxury chocolate brand that crafts the ultimate indulgence experience with couverture chocolates, has raised growth financing of an undisclosed amount from Revenue Based Financing platform, Klub. The amount raised will be primarily used to sustain SMOOR’s current growth momentum as it gears up for geographical and product expansion. The funds raised from Klub will act as a bridge for SMOOR until it raises INR 50 crore by the end of 2021.
There is much in store for SMOOR in the near future, the brand unveiled. Its long-term plan is to launch its stores in Mumbai and Delhi. Building on its 20x growth in online sales during the last financial year, the brand aims to clock another 10x growth this year on its online sales channel. SMOOR is also looking at allocating a part of its funds towards a new state-of-the-art 30,000 sq. ft. production facility cum experience center. This will help the brand meet the growing demand while developing new products with special machinery.
Speaking on the development, Vimal Sharma, Founder-Director, & CEO SMOOR, said, “Our industry is at an inflection point where we are seeing a stark rise in the popularity of our products. As chocolates become a preferred snacking option for consumers, the demand is set to skyrocket across the country. We are delighted to raise capital through Klub’s invite-only patron investor network and that will allow us to operate at a greater capacity during this period of hyper-growth. We are excited to see the future developments that unfold in this space, and ready to take on the explosive growth in demand with the most-loved, delicious, premium products.”
Klub is the world’s first community-focused Revenue Based Financing platform that provides growth financing to homegrown consumer brands. Klub provides capital for high ROI, cyclical spending like marketing, inventory, capex etc. that is revolutionizing the way online first consumer brands raise financing. Anurakt Jain, CEO & Co-founder, Klub, said, “Since its inception, Klub has been actively identifying brands and businesses with immense potential and partnering with them to support them in their efforts to scale up. We are delighted to offer growth capital through Revenue Based Financing to a brand as fast-growing and ambitious as SMOOR. With its state-of-the-art production process and category-defining product portfolio, SMOOR is at a very interesting point in its growth trajectory. We look forward to seeing the brand achieve greater heights with this capital infusion.”
Source: Business World