[Funding alert] Wingreens Farms raises Rs 125 Cr in Series B from responsAbility Investments, Sequoia India
Wingreens, which currently employs over 300 women, plans to use the investment to expand the back-end farming and food processing model and further employ and empower a larger section of under-privileged women.
Tuesday November 19, 2019,
3 min Read
Gurugram-based Wingreens Farms Private Limited (Wingreens) on Tuesday said that it has raised a Rs 125 crore (or $17.37 million, as per current exchange rate) as a part of its Series B funding round led by Zurich-based private equity fund responsAbility Investments AG. Existing investor Sequoia India also participated as a part of this round.
Wingreens, which currently employs over 300 women across their production facilities and stores, plans to use the investment to expand the backend farming and food processing model and further employ and empower a larger section of underprivileged women. Veda Corporate Advisors advised the company on the transaction.
Speaking on the investment, Anju Srivastava, Founder and Managing Director, Wingreens Farms Private Limited, said,
“Wingreens is excited to welcome responsAbility as an investor. We believe their twin approach of maximising investment value along with creation of high societal impact truly complements our business philosophy.”
Incorporated in 2011 by Anju Srivastava and Arjun Srivastava, Wingreens taps the food and beverage market, with its wide range of signature dips, spreads, sauces, pita chips, and bakery products.
Currently, Wingreens claims to have a distribution footprint that spans across over 140 cities in India.
The company also looks to make further investments in marketing and strategic acquisitions, and will develop newer product lines, adding more than 40 new SKUs.
Akshay Dua, responsAbility – Head of Private Equity, Asia Pacific - Food & Agri, who is joining the board of Wingreens, added,
“Wingreens represents an Indian FMCG – creating world-class food products, with sustainability and inclusion as part of its DNA. The founders’ experience in creating marquee brands in the past, coupled with Anju’s passion in making a difference in the agriculture sector results in a strong, sustainable business model. We are very excited to partner with Wingreens and look forward to building one of the top food companies in the region.”
At present, Wingreens products are available to consumers in over 140 Indian cities, across more than 1,300 modern trade stores, and more than 9,000 general trade stores.
“When Sequoia India made the first seed investment in Wingreens in 2015, it was a niche player in what was a very early market for dips. With a knack for innovating and launching high-quality products, they have targeted some very interesting market gaps in the last four years to become a multi-brand food platform with a 20x scale in revenue”, said Anjana Sasidharan, Principal, Sequoia Capital India LLP.
The company plans to expand the distribution network to over 200 cities, and more than 100,000 general trade stores in the next one year.
(Edited by Evelyn Ratnakumar)