| Log in

BanyanTree invests in packaged food firm Nilon’s

11 June, 2014

Pune-based producer of packaged Indian ethnic foods Nilon’s Enterprises Pvt Ltd has raised an undisclosed amount private equity firm from BanyanTree Capital, as per a press statement.

Nilon’s is a 50-year-old brand of Indian pickles, spices, instant mixes and cooking pastes, sauces and vermicelli/pasta. The firm has a pan-India presence that spans over 2,000 cities. It is available at 400,000 outlets and reaches over 8 million homes.

It manufactures all its products in-house at its five facilities in Maharashtra and Assam.

The company is led by second-generation entrepreneur Deepak Sanghavi. He was joined by Rajheev Agrawal in 2004, and they together were instrumental in the growth of the company.

In 2008, Nilon’s had received an investment from the London-based Kirit Pathak who developed the eponymous brand Patak’s in the UK involved in Indian curry pastes and spices. Pathak sold the Patak’s business to Associated British Foods in 2007 and became a strategic investor in the foods space.

BanyanTree Capital has invested out of its second fund BanyanTree Growth Capital – II. This marks BanyanTree’s fifth investment from this fund and the third investment in the current year.

Avendus Capital acted as the exclusive financial advisor to the transaction.

The PE firm invested in education services firm MT Educare and renewable energy firm Atria Brindavan Power Ltd from this fund over the recent past.

BanyanTree has completely invested the first fund and now all new investments will be made from the second fund.

In other deals in the packaged food sector Delhi-based Veeba Food Services Pvt Ltd, founded by former promoters of Fun Foods Services Pvt Ltd, raised Rs 10 crore in a Series B round of funding led by the existing investor DSG Consumer Partners.

MTR founding family’s processed food company Maiyas Beverages and Foods Pvt Ltd raised Rs 100 crore ($16.6 million) from Ascent Capital.

WestBridge Capital also picked up nearly 25 per cent stake in DFM Foods, the maker of salted snacks under the ‘Crax’ brand from its promoters for Rs 64.5 crore or a little over $10 million.

Last year, India Value Fund invested $40 million in Kochi-based VKL Seasoning, which makes food ingredients and flavouring solutions.

In the same space, another firm Cremica Foods has attracted interest from PE players and is reportedly being wooed by large investors like Kedaara Capital and The Carlyle Group.

(Edited by Joby Puthuparampil Johnson)

View Comments
Exclusive: BanyanTree Capital pumps in fresh funds in pickles maker Nilon’s

Exclusive: BanyanTree Capital pumps in fresh funds in pickles maker Nilon’s

Debjyoti Roy and Jyotindra Dubey 12 months ago
Indian ethnic packaged food maker Nilon’s Enterprises Pvt. Ltd has received...
BanyanTree invests in Kolkata's hospital firm GPT Healthcare

BanyanTree invests in Kolkata’s hospital firm GPT Healthcare

Jasleen Kaur Batra 4 years ago
GPT Healthcare Pvt Ltd, a Kolkata-based company which operates a chain of...
Exclusive: Masala maker Aachi Group eyes PE funding

Exclusive: Masala maker Aachi Group eyes PE funding

Swet Sarika 11 months ago
Chennai-based spices maker Aachi Group is planning to raise its first round of...
1 Comment
jignesh mehta . 1 month ago

can i know the investment is done at what valuation plz

BanyanTree invests in packaged food firm Nilon’s

Powered by WordPress.com VIP