Homegrown artisan bakery The Baker’s Dozen (TBD), announced today that it has raised USD 5 million of funding including debt. Marquee consumer VC fund, Fireside Ventures led the equity investment, marking its first presence in the D2C Baking and Confectionery space with TBD. TBD will use this new influx of capital to further key product innovation, team building, brand marketing efforts, distribution expansion and in upgrading the company’s tech play. Part of the amount raised will further be utilized for capital expenditure and to increase production capacity to match the increasing product demand.
The investment will also help the brand strengthen its Indian presence by amplifying its reach in tier I and tier II cities, followed by an international expansion across the Middle-East and subsequently across Southeast Asian markets.
Aditi Handa, Co-founder and Head Baker, The Baker’s Dozen mentions, “We must understand that bakery goods are now more commonly consumed daily as opposed to simply being a treat, and TBD is as much of a millennial favorite as it is a mother’s trusted choice. Artisan@scale is our ‘mantra’ and we are best known for putting the widest variety of 100% whole wheat, preservative-free sourdough breads on the Indian map. Having sold over a million+ sourdoughs already, our diverse portfolio of handcrafted breads, teatime cakes, cookies, snacks and premixes fill a distinctive need gap for our customers who find our brand aspirational yet accessible. With a razor-sharp focus on product and shelf-life innovation, and by using high quality, local ingredients, we are able to drive rapid growth by creating products that can easily adapt to their rapidly changing lifestyles and demands. We find great pride in being able to offer extensive variety and artisan quality at scale, while also establishing a strong bond with the end consumer. This makes us confident we will soon realize our ambition to put a sourdough in every Indian home!”
Commenting on the fundraise, Sneh Jain, Co-Founder and Managing Director, The Baker’s Dozen said, “TBD has been a bootstrapped business grown steadily and with a strong foundation. That strong base has helped our rapid growth over the last two years, and we felt that it was the right time for us to choose a partner who could not only help us scale our business via capital infusion, but also through mentorship and guidance. Having had the privilege of Kanwal as a mentor for us over the last few years, Fireside was undoubtedly our first choice to collaborate with, given their background in scaling consumer brands and that they were already TBD customers!”
The Indian bakery market stood at a value of nearly USD 7.6 billion in 2020. Market research suggests that it is further estimated to grow at a CAGR of 8.5 per cent between 2021 and 2026 to reach a value of USD 12.4 billion by 2026.