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GRM Overseas sells its stake in GRM Foodkraft to venture capital fund,

Posted On : 2023-12-11 14:02:07( TIMEZONE : IST )

GRM Overseas sells its stake in GRM Foodkraft to venture capital fund,

GRM Overseas Ltd. has sold more than 3 percent stake in GRM Foodkraft Pvt. Ltd. ("Foodkraft"), a subsidiary of GRM Overseas Ltd. focused on domestic Indiabased foods business, to ("Sauce"), a consumer-focused venture capital fund, for an undisclosed amount. Sauce has also acquired an additional 1 percent stake from other shareholders.

Commenting on the investment Atul Garg, MD, GRM Overseas Ltd. said, "We are delighted to welcome as a strategic investor. We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new age brands by the Sauce team. Our goal is to evolve our brands into distinguished names in their respective product categories. We also intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening our presence in digital channels including e-grocers, quick commerce and ecommerce. Sauce's investment aligns with our commitment to rapidly scale and diversify our product portfolio."

Manu Chandra, Founder & Managing Partner, said, "Foodkraft has a strong legacy and established strengths in supply chain and distribution in packaged foods and staples. We aim to utilise this deep knowhow and wide distribution reach to launch new food brands in promising new categories. The business is a key addition to our diverse portfolio of investments and we would like to play an enabling role to help it achieve its mission."

The company sells a variety of BASMATI RICE under Brand 10X Zarda King XXL, WHEAT FLOUR (Atta), Besan, Daliya, Suji, Poha etc. under its 10X Shakti Brand.

10X Ready-to-cook product kits such as Hyderabadi Biryani, One Pot Moradabadi Biryani, are already been well accepted in markets.

GRM Foodkraft has its presence in online and offline retail as well as the D2C segment. It has over 52 Distribution Centres (DCs), serving more than 1,60,000 Kirana stores.

Sauce, founded by Manu Chandra, is a consumer-focused venture capital fund, partnering with brands in F&B, personal care, lifestyle, etc. They engage closely with founders through a highengagement model and maintain a focused portfolio strategy. They have previously backed market disruptors like Mokobara, XYXX, Innovist, Hocco Ice Creams and The Whole Truth Foods from the inception stage.

Source : Equity Bulls


GRMOverseas GRMFoodkraft StakeSale Sauce VCFund