Tuesday, June 18, 2024
Home > Finance News > Convergent Finance invests $14 mn in Jyoti Foods

Convergent Finance invests $14 mn in Jyoti Foods


Mumbai: Convergent Finance LLP, the Mumbai based private equity fund, has invested Rs.107 crore ($14.1 million) in Jyoti International Foods, an end-to-end Supply Chain solution provider in Indian food services industry, for acquiring a minority stake. The investment will be used for technology upgradation and new market development besides as an equity tap to undertake M&As and business expansions, said a company statement.

Jyoti serves a wide range of customers within the food services, quick-service restaurants (QSRs), cloud kitchens and cinemas. The company also provides a variety of solutions – managing end-to-end logistics, warehousing and procurement planning. Set up in 2005, the company has clientele including Subway, Rebel Foods, Cinepolis, Chili’s, Holiday Inn among others, across 150 plus cities in 25 states across the country.

“We are really excited and look forward to this new partnership which will assist and guide us to scale up our business, thereby enabling us to become the market leader in providing world class end-to-end SCM solutions. We intend to draw upon the deep expertise of the Convergent team in M&As,” said Akhil Puri, Managing Director of Jyoti.

“Given our track record of working with great platform companies to help transform them into global leaders, Jyoti will benefit from our network of relationships, strategic insights and operational expertise,” said Harsha Raghavan, Managing Partner at Convergent.

As its debut deal, Convergent Finance had acquired a minority stake in Hindustan Foods Limited, a contract manufacturer for the FMCG industry, in February last year. Hindustan Foods manufactures a range of products in food and non-food, extending to cosmetics, personal care and home care products.

Convergent is led by Harsha Raghavan, an industry veteran who previously founded and led Fairfax’s investment activities in India.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *