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Wingreens Farms has raised ₹124 crore ($17 million) in a funding round led by private equity investor Investcorp. Omidyar Network India also participated in this Series C funding round.
Wingreens Farms had earlier this year acquired cold-pressed juice brand RAW Pressery. Founded in 2011, 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.
‘Building exciting brands’
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.”
The company focuses on the “better for you” product segment and has an omnichannel distribution strategy with an offline retail footprint in over 200 cities across India. It has also launched a new Direct-to-Consumer website recently.
‘Strong financial metrics’
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. Over the years, it has showcased a robust market standing and strong financial metrics.”
In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
Siddharth Nautiyal, Partner, Omidyar Network India, added, “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.”
Veda Corporate Advisors was the exclusive advisor to the transaction.
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