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Wingreens Farms Raises $17 M

Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.

Investcorp, a leading global provider and manager of alternative investment products, announced that it has led a INR 124 crore [US $ 17 million] investment in Wingreens Farms, one of India’s leading packaged food and beverage companies, with participation from Omidyar Network India, an investment firm focused on social impact. Wingreens, a business committed to Women’s empowerment, is focused on capturing changing consumer preferences towards healthier and “better for you” products, a segment which represents a US $1 Billion opportunity over the next 5 years.

Founded in 2011, Wingreens is focused on creating world class, minimally processed products using high quality ingredients that are sustainably sourced. A market leader in fresh dips and fruit juices (under the brand RAW Pressery), Wingreens’ products span multiple fast-growing categories in foods and beverages. Its portfolio includes healthy snacks, sauces and spreads, spice mixes, specialty bakery, breakfast cereals, non-dairy milk, protein shakes and a wide assortment of organic products. 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 offering its multi-brand foods and beverages across India.  

Anju C Srivastava, Founder & Managing Director of Wingreens Farms, said: “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.”

Gaurav Sharma, Partner and Head of India Private Equity at Investcorp India said: “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 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.”

Siddharth Nautiyal, Partner, Omidyar Network India added, “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.  Their mission is to create a “better for you”, high-quality food brand from India which incorporates sustainable practices, including sourcing and processing at the farmgate.  We look forward to partnering with them in building a strong business with deeply embedded best practices in impact.”

In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the consumer, healthcare, financial services and technology sectors. Its investments over the last four years include Intergrow Brands, Bewakoof.com, FreshToHome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, Xpressbees, and Safari Industries.

Veda Corporate Advisors was the exclusive advisor to the transaction.

Source: Business World

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