Private equity firm Convergent Finance has invested ₹107 crore ($14.1 million) in Jyoti International Foods for a significant minority stake.

The investment, to be disbursed over a period, will be used for technology upgradation and new market development besides equity to undertake M&As and business expansions, the PE firm said in a statement.

“The food service industry has been evolving rapidly over the last couple of decades, with international and domestic brands providing nutritious, hygienic and quality food products consistently to the Indian consumer in both dine-in and delivery modes. We are confident that with the investment as well as the management support from Convergent, we will be well-positioned to enhance our range of services and expand our network to serve larger number of customers,” said Suresh Talreja, Executive Chairman of Jyoti.

Jyoti is a supply chain service provider offering a range of solutions including supply chain management, distribution, logistics, warehousing, procurement planning and vendor management systems. Its clientele includes Subway, Rebel Foods, Cinepolis, Chili's and Holiday Inn, operating across 150 plus cities in 25 States across the country.