India-based food group Wingreens Farms has raised INR1.25bn (US$17.4m) in a Series B funding round led by Switzerland’s responsAbility Investments and Sequoia India.

The New Delhi-area business, which makes branded sauces, dips, bakery products and snacks for the retail channel, said it plans to use the investment to “expand the back-end farming and food-processing model and further employ and empower a larger section of under-privileged women”.

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Incorporated in 2011 by Anju Srivastava and Arjun Srivastava, Wingreens’ products are available in over 140 Indian cities. It now plans to expand its distribution network to more than 200 cities and to increase the number of stores in which its products are sold.

The company said it will also invest more in marketing and strategic acquisitions and develop new product lines. It plans to add more than 40 new products to its current roster of 180.

Srivastava, the company’s managing director, said: “Wingreens is excited to welcome responsAbility as an investor. We believe their twin approach of maximising investment value along with creation of high societal impact truly complements our business philosophy.”

Akshay Dua, responsAbility’s head of private equity for Asia Pacific in food and agriculture, who is joining the board of Wingreens, added: “Wingreens represents the best in class in Indian FMCG – creating world-class food products, with sustainability and inclusion as part of its DNA. 

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“We like the FMCG sector given the strong drivers of an expanding middle class with an increasing disposable income. The founders’ experience in creating marquee brands in the past, coupled with Anju’s passion in making a difference in the agriculture sector results in a strong, sustainable business model.

“We are very excited to partner with Wingreens and look forward to building one of the top food companies in the region.”

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