Bikaji Foods International, an India-based snacks supplier, has a new shareholder following the sale of equity from two existing investors.

A fund under the umbrella of Indian financial services group Avendus Asset Management has taken a “minority stake” in Bikaji Foods from private-equity firm Lighthouse and another investor, Intensive Softshare.

Bikaji Foods, set up in 1987, manufactures branded Indian ethnic snacks with a product range including bhujia, namkeen and papad, as well as western snacks. Avendus said the firm has established “a national distribution footprint”.

Announcing the transaction – for which financial terms were not disclosed – Avendus said its Avendus Future Leaders Fund focuses on backing “best-of-breed, market-leading, late-stage private companies” in the consumer and financial services sectors.

Ritesh Chandra, managing partner and head of the fund, said: “Bikaji has established itself as a leading company in the Indian ethnic snacks segment with a sizable market share, profitability and a platform geared for growth. With pan-India presence and favourable macro tailwinds, the company is expected to grow rapidly in the coming years.”

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Deepak Agarwal, a director at Bikaji Foods, said the firm’s new investor was backing the business on an “exciting journey of tapping into the huge potential offered by the Indian packaged food industry”.