Investment to Fuel R&D, Expansion, and Global Market Entry
Snacks giant Haldiram’s and JITO Incubation and Innovation Foundation (JIIF) have invested Rs. 16 crore in Almonds Ai, a platform specializing in channel loyalty, rewards, and engagement solutions. The funding round also saw participation from Venture Catalysts, Ever Grow Capital, Nine ALPS, and several high-net-worth individuals, the companies announced on Friday.
Almonds Ai aims to revolutionize brand engagement with distribution networks by offering innovative rewards for retailers, dealers, and influencers. The newly secured funds will be used for research and development, team expansion, and global market expansion, the company stated.
“Haldiram’s sees immense potential in Almonds Ai’s approach to channel partner engagement, which is transforming the industry,” said Manohar Lal Agarwal, Chairman and Managing Director of Haldiram’s.
Haldiram Snack Foods, a major player in the Indian snacks market, reported revenue of Rs 12,800 crore in FY24. The company produces over 500 snack varieties, including namkeen, sweets, ready-to-eat meals, and premixed foods, and operates in over 100 countries through franchise partners, primarily in the UK and the US.
Sagar Gosalia, Chief Operating Officer at JIIF, emphasized the organization’s commitment to supporting businesses that leverage technology. Almonds Ai’s flagship programs include the Channelverse ecosystem and Green Loyalty initiative.
Almonds Ai co-founders Abhinav Jain and Apurv Modi highlighted the significance of the investment in scaling operations, global expansion, and fostering long-term relationships with channel partners.
The investment comes at a time when private equity firm Temasek is reportedly in talks to acquire a 10% minority stake in Haldiram Snacks Food for over $1 billion. The deal is expected to merge the Delhi and Nagpur factions of the Haldiram’s family, unlocking synergies for the business.
With increasing investor interest and government backing, the channel loyalty sector is poised for significant transformation.