GRM Overseas Ltd’s shares were up by 2.23 per cent after the company sold over 3 per cent of its subsidiary, GRM Foodkraft Pvt Ltd, to Sauce.vc, a consumer-focused venture capital fund, along with an additional 1 percent purchased from other shareholders. The company reported that Foodkraft offers various products, including rice, flour, and ready-to-cook kits, with a strong online and offline presence, serving over 1,60,000 stores.
Atul Garg, MD, GRM Overseas, said, “Our goal is to evolve our brands into distinguished names in their respective product categories. We also intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening our presence in digital channels including e-grocers, quick commerce, and e-commerce. Sauce’s investment aligns with our commitment to rapidly scale and diversify our product portfolio.”
The shares were up by 2.23 per cent to ₹192.65 at 2:10 pm on the BSE.