Fri. Mar 29th, 2024
Kishlay Foods secures ₹100 crores in fundingKishlay Foods secures ₹100 crores in funding

Guwahati-based Kishlay Foods has raised ₹100 crores ($15 million) in the latest round of funding led by growth equity investment firm Norwest Venture Partners and D.K. Surana, promoter of Intensive Softshare Services.

Mumbai-based boutique investment banking firm Intensive Fiscal Services acted as the sole financial advisor to Kishlay Foods for the transaction.

This investment also features a prominent secondary share sale component which will be used to primarily buyout the existing business partners.

The funds raised will be used to further penetrate into the north and east Indian markets, along with launching new product lines and strengthening the management team.

Talking about the new partnership, Sandeep Bajaj, Chief Executive Officer of Kishlay Foods, said, “Kishlay foods is well positioned to penetrate deeper in its home markets and expand further in new geographies and products. Kishlay is excited to partner with NVP and Intensive and will benefit greatly from the support of external investors as it looks ahead on to its next phase of growth.”

This Guwahati-based company was founded in 2003 is a major player in the North East Indian markets. It focuses on snacks market with a vision to become a true food company capturing the North East market. The company produces a wide range of products including biscuits, cookies, chips under its flagship brand names “Kishlay”, “Mamoz”, “Non-Stop”, and “Bisk Baker”.

This new partnership and investment will help the company to accelerate its growth and help in capturing the market with more products. It will also help the company to venture into different markets in search of a broader customer base.

The organised snacks market is estimated to be worth ₹54,991 crores ($8 billion) and is growing at 20% CAGR. Kishlay Foods is well equipped with its robust distribution network and growing market to capture this opportunity, as told by Sumer Juneja, Director at NVP India.

Other players in the similar snacks domain include The Mumum Co, a children’s snacks food company focused on providing a healthy and wholesome meal for kids. It had recently raised ₹3.4 crores from angel investors.

By Varun

Startups | Books | Ideas

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