Snacks company Haldiram and JITO Incubation and Innovation Foundation (JIIF) announced a Rs 16 crore investment in Almonds Ai, a loyalty and rewards entity.
Venture Catalysts, Ever Grow Capital, Nine ALPS, and other investors also participated in the funding which will be used by the company to accelerate research and development, team expansion and enhancing product offerings, a statement said.
“Almonds Ai, through its business model, aims at redefining how brands engage with distribution networks, rewards for retailers, dealers, and influencers,” the statement issued by the companies said.
Haldiram Snack Foods reported revenue of Rs 12,800 crore in FY24. The company manufactures and distributes 500 types of snacks, namkeen, sweets, ready to eat and pre-mixed foods. It additionally has operations in hundred counties, primarily through franchisee partners overseas including the UK and US.
“Almonds Ai’s approach to channel partner engagement is transforming the industry. We see immense potential in their platform,” Manohar Lal Agarwal, chairman and managing director, Haldiram’s, said as part of the statement.
Almonds Ai will utilise the fresh capital infusion to accelerate R&D, expand the team, and transform the channel loyalty landscape.
Sagar Gosalia, chief operating officer, JITO Incubation and Innovation Foundation, said the platform “is committed to supporting businesses that leverage technology”.
The startup’s flagship programmes include Channelverse ecosystem and Green Loyalty.
Abhinav Jain and Apurv Modi, co-founders at Almonds Ai, said the funding “will enable scale operations, forays to global markets, and foster long-term relationships with channel partners.”
The development comes at a time when private equity firm Temasek is said to be front-runner to acquire a minority 10 per cent stake in Haldiram Snacks Food for upwards of $1 billion. The Delhi and Nagpur factions of the Haldiram’s family are being merged to unlock synergies.
