Maiyas Beverages raises $30 mn from Peepul Capital
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Bengaluru-based packaged foods company Maiyas Beverages and Foods Pvt Ltd has raised Rs 200 crore (about $30 million) from investors led by private equity firm Peepul Capital, a person involved in the transaction told VCCircle.

Peepul Capital invested about 80% of the total amount while existing investor Ascent Capital put in the remaining, the person said.

An email query to Maiyas seeking comment didn’t elicit any response till the filing of this article.

This is the second round of external funding for Maiyas; Ascent Capital had invested Rs 100 crore in the earlier round in 2014.

Maiya had launched the company four years ago after he sold his earlier venture MTR Foods to Norwegian food company Orkla ASA for Rs 300 crore. He had invested most of the proceeds, including Rs 60 crore on setting up a manufacturing unit, in Maiyas in 2012.

The company sells products such as butter murukku, rice kodubale (a popular snack in Karnataka), packaged rasmalai, badam milk and rava idli mix, among others.

The company posted revenue of Rs 96 crore in financial year 2014-15. Revenue for 2015-16 couldn’t be immediately ascertained.

The Times of India, which first reported the latest fundraising, cited founder P Sadananda Maiya as saying that the company will use the funds to launch more food products.

The company aims to build a diverse range of products across snacks, sweets, instant mixes, spices and ready-to-eat and ready-to-cook categories, the report said.

PricewaterhouseCoopers acted as the adviser to Maiyas for the latest transaction.

The packaged foods category has seen a few deals over the past couple of years. Last week, Mambalam Iyers Food Products Pvt. Ltd, a Chennai-based producer of packaged ethnic food, raised a Series A round of funding.

Earlier this month, Cremica Food Industries Ltd said it is buying back the stake held by Motilal Oswal Private Equity Advisors Pvt Ltd in the company by raising funds from other investors.

In June 2015, Veeba Food Services Pvt. Ltd raised $6 million from Saama Capital and existing investor DSG Consumer Partners.

In October 2014, Bangalore-based iD Fresh Food (India) Pvt. Ltd had raised $5.69 million from Helion Venture Partners.

In June 2014, south India-based Nilon’s Enterprises Pvt. Ltd raised an undisclosed amount from private equity firm BanyanTree Capital.

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