Bangalore-based Maiyas Beverages and Foods Pvt Ltd, which is engaged in processed food, has raised Rs 100 crore ($16.6 million) from Ascent Capital. It did not disclose how much stake it has diluted in the process.
The news was first reported by Business Standard citing the company’s chief. Subhasis Majumder, director at Ascent Capital, independently confirmed the deal to VCCircle but did not share further details.
The company will use the funding to increase its marketing efforts and strengthen its brand.
Founded by P Sadananda Maiya, Maiyas Beverages & Foods is a vegetarian processed food company. The business family is better known for MTR Foods Pvt Ltd, which was sold to Norwegian firm Orkla for Rs 350 crore in 2007.
After the non-compete clause with Orkla expired two years ago, Maiyas Beverages has expanded its product basket aggressively and offers many of the products MTR is known for.
Ascent Capital, which has around $600 million under management, invests in segments like automobile, biotechnology, manufacturing, pharma, retail, technology, IT and telecom.
This marks its second investment this year after it picked a stake in Alivira Animal Health Ltd, which develops, manufactures and sells veterinary products, including active pharmaceutical ingredients (API) and formulations in the global market.
Previously Ascent Capital had invested in VKL Seasoning in the food space.
(Edited by Joby Puthuparampil Johnson)