Pushp Brand gets IPO nod; A91 Partners, Sixth Sense to partially divest stake
The two VC firms - A91 Partners and Sixth Sense had invested in Pusph Brand in 2020 and 2023 respectively.
Packaged spices company Pushp Brand (India) has received approval from Sebi to float an initial public offering (IPO), the markets regulator said on Thursday.
The IPO is an Offer for Sale of up to 74.45 lakh equity shares by existing shareholders.
The company, which filed preliminary IPO papers in June, obtained 'final observation' from the regulator on August 27, the update showed.
The receipt of Sebi observation is a key step in the IPO process, following which the company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.
The OFS will include shares held by promoters Surendra Kumar Surana and Mahendra Kumar Surana, as well as investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.
A91 Emerging Fund I, which invested about Rs 125 crore in the company in 2020, holds a 20.14% stake and will sell only part of its holding.
Sixth Sense India Opportunities III, which invested around Rs 101 crore in 2023, owns a 7.81% stake and will also undertake a partial stake sale.
Established in Indore in 1974, Pushp Brand has grown from a regional spices business into a packaged food company operating under the Pushp and Munimji brands.
The company offers pure and blended spices, whole spices, hing and other products, with 312 SKUs as of March 31, 2026. It plans to launch Pushp Kadak Chai in the second quarter of FY27.
As of FY26, the company had a distribution network spanning 24 states and Union Territories, with 1,016 distributors and over 3.68 lakh retail touchpoints.
The company competes with established packaged spices brands such as Everest Food Products, Mahashian Di Hatti, Orkla India, Aachi Masala Foods, and Sakthi Masala, among others.