Packaged food and beverage company Wingreens Farms Pvt. Ltd, on Monday, said it has raised ₹124 crore (about $17 million) as a part of its equity fundraise led by Investcorp.
The round also saw participation from Omidyar Network India.
Founded in 2011, Wingreens claims to be focused on creating minimally processed products using high-quality ingredients that are sustainably sourced.
Currently, its products portfolio spans across multiple fast-growing categories in foods and beverages, including healthy snacks, sauces and spreads, spice mixes, specialty bakery, breakfast cereals, non-dairy milk, protein shakes and a wide assortment of organic products. It also owns fruit juices brand RAW Pressery.
“We are delighted to welcome Investcorp and Omidyar Network India to the Wingreens family. Their valuable experience and resources will empower us to onboard many more new age food and beverage brands on the WingreensWorld.com platform with an online and offline presence. We are passionate about building a new age food and beverage company that continues to scale its social impact on the back end while building exciting brands that resonate with the emerging millennial consumer on the front end,” said Anju C. Srivastava, founder and managing director of Wingreens Farms.
At present, the company has an omni-channel distribution strategy with an offline retail footprint in over 200 cities across India. Wingreens has also launched a new direct-to-consumer website, WingreensWorld.com, which offers its multi-brand foods and beverages across India.
“We’re excited to be partnering with Anju and Arjun. They are experienced entrepreneurs who have not only created a widely loved brand but are also committed to incorporating a strong impact lens in their business. Launched as a Women’s Initiative Network project, Wingreens has been built from the very start with the goal of creating social impact,” said Siddharth Nautiyal, partner, Omidyar Network India.
Earlier in 2019, Wingreens Farms had raised ₹125 crore in a Series B round led by Zurich-based private equity fund responsAbility Investments AG, with existing investor Sequoia India also participating in the round.
“Wingreens addresses a large market that represents significant potential and headroom for growth. With its sustainable business model and focus on delivering quality products, the company is a clear market leader across segments and enjoys a strong reputation. Over the years, it has showcased a robust market standing and strong financial metrics. We look forward to working with the company and enabling them to scale further,” said Gaurav Sharma, partner and head of India Private Equity at Investcorp India.
Investcorp’s other investments in India include Bewakoof.com, FreshToHome, Zolo, InCred, NephroPlus, Unilog, and Xpressbees.
Source: Mint