Global alternative asset manager Investcorp today announced an investment of US $11.3 million in Intergrow, a subsidiary of Synthite Group that specialises in spice production.
Speaking on the investment, Girish Nadkarni, Partner and Co-head of Private Equity at Investcorp India, said,
“Intergrow has a strong management team led by CEO Ashok Mani. We are impressed with the team’s ability to develop new innovative products for the Indian market and provide quality products to consumers.”
He also lauded the company’s research and development capabilities.
Launched in 2014, Intergrow’s product ranges from packaged spices, marinades, sauces and seasonings to premium gourmet food and tea.
The company claims to have become the second largest player in Kerala’s packaged spices market under the “Kitchen Treasures” brand. Kitchen Treasures also makes pickles and pastes, Ready to Cook (RTC) and Ready to Eat (RTE) products.
The company has roped in actress Manju Warrier as its brand ambassador for Kitchen Treasures. It also operates under brands ‘Sprig’ and ‘TE.A’, offering gourmet food products and cold green tea, respectively. The later was launched recently.
With operations in India, the US, and China, Intergrow caters to global food, nutraceutical, cosmetics, and pharmaceutical companies in Europe and the US.
Aju Jacob, Director of Synthite Industries commented, “We are impressed with Investcorp’s global network and their deep commitment towards investing in compelling growth opportunities worldwide.”
Bahrain-based Investcorp’s investment in Intergrow is a step to support businesses with sustainable growth prospects in the consumption driven Indian market.
Investcorp had closed Rs 1,000 crore in its maiden private equity India fund in July this year. It focusses on investing in startups across consumer, financial services, and healthcare sectors.
Earlier this month, it led in a $11.2 million investment round in Mumbai-based fashion brand Bewakoof.com, and has also infused funds in startups like Incred, ASG, Zolo, and Citykart.
(Edited by Saheli Sen Gupta)