Bahrain-based Investcorp has announced that it has led a INR124 crore ($17 million) investment in Wingreens Farms, one of India’s leading packaged food and beverage companies.
The deal was made 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 products, a segment which represents a $1 billion opportunity over the next five years.
Founded in 2011, Wingreens is focused on creating world class, minimally processed products using high quality ingredients that are sustainably sourced.
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.
Anju C Srivastava, founder and 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 (above), partner and head of India Private Equity at Investcorp India added: “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… We look forward to working with the company and enabling them to scale further.”
In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
Its investments over the last four years include Intergrow Brands, Bewakoof.com, FreshToHome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, Xpressbees, and Safari Industries.
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