Venture debt firm Alteria Capital on Tuesday announced its first equity-cum-debt investment, of Rs 33.5 crore, in Mumbai-based RAW Pressery. In April last year, the Mumbai-based food and beverage startup had raised Rs 3.5 crore led by actor Jacqueline Fernandez.
Founded in 2013 by Anuj Rakyan, RAW Pressery manufactures cold-pressed juices with a blend of ingredients that are backed by heavily-researched recipes. Rakyan Beverages, the parent company, is undergoing a brand transformation and is looking at making its products more affordable and accessible. The team currently claims to have over 40 SKUs.
While juices and smoothies form a majority of RAW Pressery's revenue, it has also recently introduced newer categories including nut milk, soups, and probiotic dairy drinks. Scaling these new categories will be a key growth focus in FY19, as the company moves to expand distribution domestically, as well as in international markets such as the Middle East and South East Asia.
Speaking on the investment, Vinod Murali, Co-Founder and Managing Partner, Alteria Capital said, “The idea of investing in RAW Pressery has been in our minds for a while. Over the years, Anuj has been able to not only establish a new brand and product but also gain a growing customer base. Many times it is about the product market fit, and Anuj has been able to crack that with ease.”
Anuj said the Alteria team has been supportive of RAW Pressery's vision and growth plans.
Alteria currently has commitments of Rs 550 crore with anchor investments from IndusInd Bank, SIDBI and a large domestic family office foundation, making it the largest provider of venture debt in India currently.
“We are seeing increasing interest in the Indian consumer segment and this investment is aligned with our belief that strong, Indian consumer brands backed by venture capital are going to create massive outcomes in the medium to long term,” said Vinod.
The fund is targeting startups across early and growth stages with cheque sizes ranging up to Rs 100 crore. The approach is aimed at giving startups access to debt that is generally not available through traditional commercial debt providers.