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Avendus Future Leaders Fund–I (FLF), a category II Alternative Investment Fund (AIF), has acquired a minority stake in Indian ethnic snacks company Bikaji Foods International Ltd for Rs 40 crore.
FLF has purchased the stake held by two existing investors - Lighthouse and Intensive Softshare - through a secondary transaction, the company said in a statement.
“Bikaji has established itself as a leading company in the Indian ethnic snacks segment with a sizeable market share, profitability and a platform geared for growth. With pan India presence and favourable macro tailwinds, the company is expected to grow rapidly in the coming years,” Ritesh Chandra, Managing Partner and Head at FLF said.
Bikaji was founded in 1987 at Bikaner, Rajasthan, by Shiv Ratan Agarwal. Its product range includes bhujia, namkeen, sweets, papad and western snacks.
FLF is planning to raise Rs 500 crore from individual and institutional investors. The Fund, in its life cycle, is targeting to invest in 8-10 companies with an average investment size of Rs 40-75 crore.
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