India’s Cremica Food Industries has raised the equivalent of US$15m from a new private equity fund to boost its presence in retail outlets across southern and western India.
The investment from the India Agri Business Fund II, which took a minority stake in Cremica, was organised by fund managers Rabo Equity Advisors. Rabo said it was the first investment from the US$200m fund, which is targeted at the expansion and growth of food and agribusiness companies in India.
The company sells sauces, ketchup and mustard under its namesake brand. It is a manufacturer for Hindustan Unilever, while supplying private-label products to retailers like Big Bazaar and Spencer’s and foodservice chains such as McDonald’s and Pizza Hut.
Cremica generated turnover of more than US$100m during the 2014-15 financial year and said it planned to add products including jams, ready-to-eat food and snacks to its portfolio.