Hyderabad-Based Manam Chocolate Bets On India's Premium Market, Raises $9 Million | Explained

A Hyderabad-based startup, Manam Chocolate, has raised $9 million in Series A funding to challenge the dominance of imported Belgian and Swiss chocolates in India. The company, which works directly with over 250 cacao farms across three states and operates its own fermentation facility, is targeting India’s ₹5,000 crore premium chocolate market — where imported brands currently control nearly ₹4,500 crore. Manam plans aggressive expansion with new stores in Delhi-NCR, followed by Mumbai or Bengaluru, while projecting revenue growth from ₹53 crore to ₹260 crore in the coming years. Watch how this Telangana startup is trying to build a homegrown premium chocolate brand at scale.