Venture debt firm Alteria Capital has invested Rs 33.5 crore (around $5 million) in cold-pressed juices maker RAW Pressery, its fourth bet from its maiden fund, it said on Tuesday.
The transaction includes equity as well, Vinod Murali, co-founder and managing partner, Alteria Capital, said. Of the total, Rs 30 crore was debt and the remaining was equity, he added.
"The additional equity infusion will provide a huge boost to us," said Anuj Rakyan, who had founded the Mumbai-based company in 2013.
The recent funding round is an extension of the Rs 80-crore fundraise made by RAW Pressery in May this year from existing investors Sequoia Capital, Saama Capital and DSG Consumer Partners.
RAW Pressery, which is operated by Rakyan Beverages Pvt. Ltd, is among a handful of Indian startups that cater to the growing demand for healthy ready-to-drink beverages.
The company manufactures juices and smoothies, which form the majority of its revenues. It has also recently introduced newer categories including nut milk, soups and probiotic dairy drinks.
Scaling these new categories will be a key growth focus in this financial year, as the company moves to expand distribution in India as well as in international markets such as the Middle East and South East Asia.
"This investment is aligned with our belief that strong, Indian consumer brands backed by venture capital are going to create massive outcomes in the medium- to long-term,” said Murali.
In the juice category, cold-pressed juices are capturing the consumers’ imagination as they are perceived to be healthier than other packaged products. Investors are, therefore, betting on this segment.
Other players in this space include Fresh Food Concepts Pvt. Ltd, which sells under the brand Juice Up, and Delhi-based cold-pressed juice maker MyGreens, which had acquired Food Ideas Pvt. Ltd-backed JusDivine in an all-stock deal last year.
The venture debt firm was founded last year by Murali and Ajay Hattangdi, who were former top executives at venture debt provider InnoVen Capital India Pvt. Ltd.
Alteria Capital had marked the first close of its debut fund with commitments of Rs 356 crore ($54.76 million) earlier in March this year.
The fund, which seeks to raise Rs 1,000 crore ($154 million), currently has crossed Rs 550 crore of commitments, which includes anchor investments from IndusInd Bank, SIDBI and a large Indian Family Office Foundation, said Murali.
It followed up with investments in Sachin Tendulkar-backed celebrity fashion firm Universal Sportsbiz Pvt. Ltd and Mumbai-based ed-tech startup Toppr Technologies Pvt Ltd.