Frozen food maker Chevon Agrotech Pvt. Ltd has raised a round of growth capital from Singapore-based financial advisory firm Greenfield Advisory.
The company did not disclose the exact amount, but said that it was a “significant million dollar investment”.
However, one person privy to the development told VCCircle that the Mumbai-based firm, formerly Kiss Digital Media Pvt. Ltd, has raised $1 million (Rs 6.4 crore) from Greenfield.
In fact, a second person said that the $1 million was only the first tranche of a larger round.
“We are thrilled at the trust that Greenfield Advisory has placed in our brand, our product and business model. The funding received will help us capitalise on the vast global opportunity in the goat meat segment,” said Chevon Agrotech founder and CEO Rizwan Thakur.
Greenfield, which had rolled out its first private equity fund last year, had backed, celebrity chef Nikhil Chib-run BusaGo in December 2016, picking up a minority stake in the quick service restaurant chain.
“We are pleased to partner with Chevon to help build a sustainable goat meat business which has established health benefits and a widespread preference in India," Greenfield Advisory CEO Deepak Mishra said in a press note.
The company, which was launched in 2011, sells its frozen goat meat and other ready-to-cook ranges under the Chevon and KUZO brands. Its offerings include Turkish seekh kebab, Turkish kofte kebab, Brooklyn style cheese burger patty and smoked Moroccan Sausages. Chevon sells its products through major retail chains such as Nature’s Basket, Hyper City, Food Hall and Haiko. It also provides livestock farms and processing facilities.
The frozen food space in India has seen a few important deals in recent times, including a $3.1 million infusion by private equity firm Peepul Capital LLC in Innovative Food Ltd, which markets its frozen food products under the Sumeru brand.
Apex Frozen Foods, which offers variants of processed white shrimp under brands such as Bay Fresh, Bay Harvest and BayPremium, had also made a strong public market debut recently.
Chandigarh-based Chatha Foods Pvt. Ltd, a frozen and ready-to-eat processed meat products firm, had also received an undisclosed amount from Rajasthan Venture Capital Fund.