Intergrow Brands Pvt. Ltd, a subsidiary of spices maker Synthite Industries Pvt. Ltd, has raised $11.3 million (Rs 80 crore) from Bahrain-based alternative investment firm Investcorp.
The investment is in line with Investcorp’s strategy to back businesses with growth prospects in the consumption-driven Indian market, the firm said in a statement.
Investcorp had entered India’s alternative investment market earlier this year by acquiring the private equity and real estate investment management businesses of IDFC Alternatives Ltd, a subsidiary of IDFC Ltd.
Kerala-based Intergrow is the second Indian company Investcorp has backed since it closed its maiden India PE fund with a corpus of Rs 1,000 crore in July. The fund had made its first investment earlier this month in fashion marketplace Bewakoof.
The new fund focuses on investment opportunities in three key sectors—consumer, financial services and healthcare. Apart from Intergrow and Bewakook, the fund’s portfolio includes four other companies in which it had invested when it was part of IDFC Alternatives. These companies are fintech firm InCred, ASG Eye Hospitals, co-living space provider Zolo and retail chain Citykart.
Girish Nadkarni, partner and co-head of private equity for Investcorp India, said Intergrow is a unique food technology platform with unmatched research and development capabilities.
Aju Jacob, director at Synthite Industries, said the company would benefit from Investcorp’s global network and its commitment towards investing in compelling growth opportunities worldwide.
Consark was the adviser to Intergrow for the deal.
Launched in 2014, Intergrow has an array of products ranging from packaged spices, marinades, sauces and seasonings to premium gourmet food and tea.
Over the years, Intergrow has expanded to become the second-largest player in Kerala’s packaged spices market under the ‘Kitchen Treasures’ brand. Synthite is the largest producer of value-added spices with operations in India, the US and China, according to the statement.
Synthite's customers include global food, nutraceutical, cosmetic and pharmaceutical companies in Europe and the US. Apart from packaged basic and value-added spices, Kitchen Treasures also has pickles and pastes, ready-to-cook and ready-to-eat products in its portfolio.
Intergrow also offers premium gourmet food products under the “Sprig” brand. Recently, it launched cold crafted green tea under the ‘TE.A’ brand.