Existing investors Catamaran Ventures and Footprint Ventures, who brought in around $1 million in the first round of funding two years ago in the maker of Tzinga branded energy drink, also participated.
ChrysCapital, which is now the only player in the fray to buy stake in the personal care products maker, is currently conducting a due diligence.
This is the first acquisition by the Kolkata-based tea plantation company in over three years.
Over the past one year, all domestic FMCG majors such as Godrej Consumer, Dabur and Marico, have attracted private equity investors.
The voluntary offer, if fully successful, will make it the biggest ever open offer in the history of Indian capital market.
One of the key factors to watch out for in the FMCG sector is the pricing environment, given the correction in input costs.
This is the PE firm’s third bet on the consumer products sector in the past one year.
The liquor firm has appointed Templeton’s Rajesh Sehgal as an additional director on the board.
This is the PE firm’s second investment in consumer products business within a year, after backing Marico in April 2012.
CVCI, along with other investors, put in $9.68 million in Elder Pharma back in 2005 & 2006.
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