Securing an investment of Rs. 80 crore from a Bahrain-based private equity firm, the company aims to expand business globally
Kochi: The Kerala-based food and beverages company, Intergrow Brands Pvt. Ltd., has secured Rs. 80 crore funding from Investcorp, a Bahrain-based private equity firm. Intergrow Brands, which was formerly known as Intergrow Foods & Beverages Pvt. Ltd., is part of the Synthite Group, one of the world’s largest producers of value-added spices.
Intergrow Brands launched their flagship brand ‘Kitchen Treasures’ in April 2013. Kitchen Treasures has around 70 varied products covering different categories such as spices, masalas, pickles, culinary paste etc. Within a short span of five years Kitchen Treasures has grown into the second biggest packaged spices brand in Kerala. The brand is focusing on its expansion within India and international markets like GCC, US and Australia. With the launch of premium Sprig brand, the company has extended its profile and is all set to become an innovative national player. The brand had recently launched 25 varieties of 100 per cent-soluble green tea under the Sprig brand.
“The funds will be used for market expansion of our brands Kitchen Treasures and Sprig, which is a premium gourmet brand,” said Ashok Mani, MD & CEO, Intergrow Brands. The company aims to grow at least three-fold in revenue over the next four years to touch Rs. 550-600 crore by strengthening its distribution footprint.
Revealing the expansion plans to the media, Asok Mani said the company aims to have its presence in all major Tier I and II cities of India in the next six months. “Currently, Sprig products are available in 350 premium outlets. The plan is to increase the number of stores where Sprig brand of products are available to 3000 over the next three months. We plan to target major supermarkets as well as e-commerce channels,” he said.
Investcorp entered India’s alternative investment market earlier this year by acquiring the private equity and real estate investment management businesses of IDFC Alternatives Ltd., a subsidiary of IDFC Ltd.
Speaking about the investment, Girish Nadkarni, Partner & Co-head of Private Equity at Investcorp India, said, “Intergrow has a strong management team led by CEO Ashok Mani. We are impressed by the team’s ability to develop new innovative products for the Indian market and provide quality products to consumers.”
The investment is in line with Investcorp’s strategy of backing businesses with growth prospects in the consumption-driven Indian market, the firm said in a statement.
Aju Jacob, Director, Synthite Industries, said the company would benefit from Investcorp’s global network and its commitment towards investing in compelling growth opportunities worldwide.