Snacks manufacturer Haldiram’s and JITO Incubation and Innovation Foundation (JIIF), a platform offering startup funding and mentorship, have invested ₹16 crore in Almonds Ai, a platform for channel loyalty, rewards, and engagement solutions, as announced in a statement on Friday.
According to the statement, the funding round also included contributions from Venture Catalysts, Ever Grow Capital, Nine ALPS, and several other high-net-worth individuals.
“Almonds Ai, through its business model, aims at redefining how brands engage with distribution networks and rewards for retailers, dealers, and influencers,” the company statement said.
Haldiram Snack Foods posted a revenue of ₹12,800 crore in FY24. The company produces and distributes 500 varieties of snacks, namkeen, sweets, ready-to-eat, and pre-mixed foods. It also operates in over a hundred countries, mainly through franchise partnerships in regions such as the UK and the 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 of Haldiram’s, said as part of the statement.
Almonds Ai will use the new capital to boost research and development, grow its team, and revolutionize the channel loyalty sector.
Sagar Gosalia, chief operating officer of JITO Incubation and Innovation Foundation, said the platform “is committed to supporting businesses that leverage technology”.
The startup’s main offerings include the Channelverse ecosystem and Green Loyalty programs.
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.”
This development coincides with reports that private equity firm Temasek is poised to acquire a 10% minority stake in Haldiram Snacks Food for over $1 billion. The Haldiramfamily is merging its Delhi and Nagpur branches to realize synergies.
