Manam Chocolate raises $9 Mn funding led by Omnivore

Craft chocolate brand Manam Chocolate has raised $9 million in a funding round led by Omnivore, with participation from the Turner Morrison consortium.

The fresh capital will be used to accelerate retail expansion, strengthen manufacturing capabilities, diversify the product portfolio, and expand the brand’s presence across domestic and international markets.

Over the next two years, Manam Chocolate plans to scale its retail footprint from three outlets to 18 stores across India as it builds a larger experiential chocolate retail network.

Founded in 2021 by Chaitanya Muppala, Manam Chocolate follows a bean-to-bar chocolate-making model focused on premium chocolates made using Indian-grown cacao. The company operates a vertically integrated supply chain, working directly with cacao farmers and managing sourcing, fermentation, processing, manufacturing, and retail operations.

The company also exports fine-flavour cocoa beans and supplies chocolates to the hospitality industry, including hotels, restaurants, and cafés. According to Manam Chocolate, gifting is a key business segment, contributing nearly 65% of its revenue through corporate, festive, and personal gifting offerings.

While the brand sells through its direct-to-consumer website, marketplaces, and quick-commerce platforms, physical retail remains its largest sales channel, accounting for nearly 80% of revenue, according to the company.

Manam Chocolate currently operates three experiential retail stores across Hyderabad and Delhi-NCR.

In the premium craft chocolate segment, Manam Chocolate competes with brands such as Paul and Mike, Mason & Co, and Smoor.