India, July 7 -- In June 2026, Manam Chocolate raised a $9 Mn Series A round. This marked a notable move in India's consumer startup ecosystem: investors seemingly interested in the unconventional category of chocolates.

To understand why the segment has suddenly caught investors' attention, we tried to take a look at how India's chocolate market has changed over the past decade.

A decade ago, chocolate wasn't something most consumers actively explored. The market was dominated by legacy brands such as Dairy Milk and KitKat, and their success was driven by affordability, wide distribution and a strong brand recall.

Meanwhile, premium chocolate was mainly associated with 'passion projects', imported names like Lindt or gift boxes picked...