Sweet Tooth: A91 Partners to invest Rs 175 Cr in Shree Anandhaas Sweets

Private equity firm A91 Partners is in the advanced stages of investing Rs 175 crore (approximately $20 million) in Coimbatore-based sweets and snacks chain Shree Anandhaas Sweets, according to a person familiar with the matter.

This deal would mark the first institutional funding round for the nearly three-decade-old business. Founded in 1998 as a restaurant operation, the business transitioned into sweets and savouries retail in 2017 and now operates 19 outlets across Tamil Nadu.

Shree Anandhaas would join the likes of A91 Partners' other portfolio companies, including Akshaykalpa, Blue Tokai, Happilo, Paper Boat, and Pushp Spices.

Family-owned Shree Anandhaas Sweets plans to deploy the fresh capital to expand into Chennai and other parts of Tamil Nadu, and enter neighbouring states, including Kerala and Andhra Pradesh.

Though valuation details were not disclosed, reports suggest fresh-food players often command revenue multiples around 4X, potentially valuing Shree Anandhaas at Rs 1,000–1,200 crore.

According to the source cited above, the company generated revenues of Rs  290 crore in fiscal 2025, has an estimated EBITDA margin of 10% and is profitable like many family-run businesses.

In a similar move, Motilal Oswal’s PE arm invested Rs 330 crore for a 25% stake in Lal Sweets last year. Earlier this year, Temasek agreed to acquire a 10% stake for Rs 8,500 Crore in Haldiram Snacks, valuing the business at $10 billion. Last month, bakery chain Theobroma sold a 90% stake in the company to ChrysCapital for Rs 2,410 crore.

The development was first reported by MoneyControl, which also added that fresh-food players often command revenue multiples around 4X, potentially valuing Shree Anandhaas at Rs 1,000–1,200 crore.

A91 Partners did not respond to queries shared by YourStory.