Manam Chocolate bets on premium market, raises $9 million

Varuni Khosla
4 min read11 Jun 2026, 05:45 AM IST
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Chaitanya Muppala, founder of Manam Chocolate.
Summary
Manam Chocolate, which sells everything from chocolate bars and gifting boxes to pastries, desserts and beverages, is expanding aggressively.

For decades, premium chocolate in India has largely meant imported Belgian and Swiss brands, but three-year-old homegrown player Manam Chocolate believes that is beginning to change.

The Hyderabad-based company, which sells everything from chocolate bars and gifting boxes to pastries, desserts and beverages, is expanding aggressively across the National Capital Region and other major cities as it looks to capture a larger share of the country’s premium chocolate market.

This category, Manam estimates, does around 5,000 crore of business each year and is still dominated by imported brands.

Fresh funding

This week, it raised $9 million (about 86 crore) in a Series A funding round led by Omnivore VC, with participation from the real estate company Turner Morrison.

The fresh capital will be used to fund the retail expansion plan, strengthen teams and build the institutional capabilities.

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“We have a retail rollout planned for the next four years. This fundraising is really about fuelling the next 24 months,” said Chaitanya Muppala, founder of Manam Chocolate and chief executive of Distinct Origins Pvt. Ltd, the company’s parent.

Manam currently operates a store in Hyderabad’s Banjara Hills, a beverage bar in Hyderabad’s Knowledge City and a flagship outlet in New Delhi. It also plans to open four more outlets across the NCR in the coming months before entering either Mumbai or Bengaluru.

Unlike half a dozen bean-to-bar chocolate brands, he said the company is not targeting the niche craft chocolate market. “We are not chasing the bean-to-bar market. We are chasing the 5,000-crore premium chocolate market,” he added.

According to him, nearly 4,500 crore of that market is currently dominated by imported brands or products.

The company has built a business around gifting, confectionery, desserts, and beverages, rather than focusing solely on chocolate bars, and also sells beans, as it works with 250-odd farms in Andhra Pradesh and Telangana. It also works with some farmers in Kerala.

Gifting accounts for the largest share of its revenue, while e-commerce contributes around 20% of sales. Quick commerce, too, is about roughly half of its online business.

He said the company’s revenue will grow to about 125 crore in 2026-27 from around 53 crore in 2025-26 and is targeting operating break-even over the next year.

“We’re projecting about 260 crore the year after,” he added.

The premium chocolate market

India’s premium chocolate and confectionery market is nimble but expanding. Mint reported on 2 June that Adani-backed chocolate retailer Cococart expects to sustain annual growth of 35-40% over the next five years, driven by airport retail, quick commerce and an expansion into international food and beverage brands.

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The retailer operates 61 stores and reported revenue of around 254 crore in 2024-25, and is targeting a significantly larger business by 2030.

Category experts said Manam’s fundraising reflects a broader shift in how investors view premium Indian food brands. “This fundraising is significant not because it validates one company, but because it validates an entire category that is still in its infancy,” said L. Nitin Chordia, chief incubation officer, Cocoashala.

He estimated the bean-to-bar chocolate market at just 55 crore in 2025, compared with the 1,000-crore imported premium chocolate segment, highlighting the nascent stage of the category despite its growth potential.

Cocoshala is an educational initiative and an incubation centre for the domestic bean-to-bar industry.

Unlike coffee, wine or craft spirits, Indian bean-to-bar chocolate remains a relatively underdeveloped category, with many consumers continuing to associate premium chocolate with European brands, particularly Belgian and Swiss labels, he said.

“Manam has built what is essentially an experience-led retail destination where chocolate is the centrepiece, but storytelling and aspiration are equally important. In many ways, it has created a blueprint for how premium Indian chocolate can be introduced to Indian consumers,” Chordia told Mint.

He added that after coffee chain and retailer Subko, Manam is only the second Indian bean-to-bar chocolate company to attract institutional capital, signalling growing investor interest in premium Indian food categories as brand-building opportunities rather than simply manufacturing businesses.

Manam also operates a large cacao fermentation facility in Andhra Pradesh, Muppala said. “We start much before the bean. We work with soil, farming practices and post-harvest processing,” he added.

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“India accounts for less than 0.5% of global cacao production and imports more than 70% of its requirements. We are attempting to position Indian cacao as a premium product,” Muppala said.

The company has begun exporting cacao beans to Swiss chocolate makers, who are using Indian-origin beans in speciality chocolate products. Muppala said proprietary post-harvest processing techniques have helped create flavour profiles that command significantly higher prices than commodity cacao. These exports account for about 5% of its business.

“Consumers are increasingly interested in what they’re eating, how it’s produced and where it comes from. We’re trying to build a category around premium chocolate for India, from India,” he added.

About the Author

Varuni Khosla is a journalist with Mint, where she covers the consumer economy with a focus on hospitality and tourism, luxury, the business of sports, art, and the alcohol and food and beverage industries. Based in New Delhi, she reports on how brands and cultural sectors grow, shape consumer demand and compete in one of the world’s fastest-evolving markets.<br><br>Varuni has been a journalist since 2009 and brings more than 17 years of experience reporting on India’s business landscape. She specialises in covering the industries shaping India’s consumption economy, and is widely recognised as a key voice in these areas.<br><br>Over the years, she has closely tracked the rise of India’s luxury and hospitality sectors, the transformation of advertising and marketing as brands respond to digital platforms and changing audiences, and the economics of sport, from sponsorships and leagues to the expanding commercial ecosystems around teams, athletes and media rights. Her reporting on the business of art explores the growing global market for South Asian art and the role of collectors, galleries and auction houses.<br><br>Her stories frequently draw on exclusive conversations with founders, executives and industry leaders, combining market data with on-the-ground reporting to offer readers insight into the companies and trends shaping India’s evolving consumption economy.

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