Wingreens Farms Private Limited, a Gurugram-based food company, has raised Rs 125 crore in Series B funding led by Zurich private equity fund responsAbility Investments AG and existing investor Sequoia India.
Wingreens, which makes dips and spreads among other products, will use the investment to expand farming and food processing. The firm employs 300 women at production facilities and stores and said the investment will help achieving its societal goals.
“We believe their (responsAbility) twin approach of maximizing investment value along with the creation of high societal impact truly complements our business philosophy,” said Anju Srivastava, founder and managing director of Wingreens Farms.
responsAbility, which manages over $3 billion of assets in 90 countries, invests in food, agriculture, finance, and energy companies in emerging markets.
“The founders’ experience in creating marquee brands in the past, coupled with Anju’s (Srivastava) passion in making a difference in the agriculture sector results in a strong, sustainable business model,” said Akshay Dua, responsibility’s head of private equity, Asia Pacific, food and agri. Dua will joining the board of Wingreens.
“We are excited to have responsAbility as a partner as we work towards becoming a Rs 500 crore business in the next 3-4 years,” said Arjun Srivastava, founder and director, Wingreens Farms Private Limited. He said the company is also eyeing to tap foreign markets such as the Middle East, Europe, North America, Australia and New Zealand.
Wingreens sells its products in more than 140 Indian cities and it plans to expand to 200 more in a year’s time.
“When Sequoia India made the first seed investment in Wingreens in 2015, it was a niche player in what was a very early market for dips. With a knack for innovating and launching high-quality products, they have targeted some very interesting market gaps in the last four years to become a category-leading, multi-brand food platform with a 20x scale in revenue,” said Anjana Sasidharan, principal, Sequoia Capital India LLP.
Veda Corporate Advisors, a mid-market investment bank, advised the company on the transaction.