A91 Partners, a homegrown investment firm focusing on India’s consumption story and tech disruption, on Wednesday said that will invest ₹125 crore in Pushp (Brand) India Pvt. Ltd, an Indore-based B2C spices brands.
The A91 Partners’ investment in Pushp is the first fund raise for the company. The capital will be used for expanding and deepening the company’s distribution network, expanding its sales team and enhancing marketing initiatives to strengthen the brand across India, the company said in a statement.
“At Pushp, we have continued to develop our business on the back of innovation and by consistently offering quality products on the back of a robust and highly automated manufacturing. Indian consumer is focused on taste, quality and reliability, and our sharp focus on these factors has helped us build deep trust with customers to become one of the top brands in the spices category,” said Surendra Surana, Co-Founder of Pushp.
Pushp sells a range of CTC spices (coriander, turmeric and chilli powder), other pure spices (hing, cumin powder, dry ginger powder, pepper powder), and blended spices (garam masala, achar masala, chat masala, etc) and value added items such as pachan cool masala, lemon cool masala and Jaljira.
The company closed FY20 with a revenue of ₹165 crore.
“A91 believes in partnering with founders building enduring businesses for tomorrow’s India. Relentless focus on quality and consistency has helped Mahendra and Surendra Surana build a dominant position in Central India. We are excited about the opportunity to partner with them towards building a leading spices business across multiple states and regions.”, said Abhay Pandey, co-founder of A91 Partners.
A91 Partners has done the investment from its maiden fund A91 Emerging Fund I LLP, which bas a corpus of $351 million. Pushp is the sixth investment for the fund. The prior investments include Sugar Cosmetics, Hector Beverages, Atomberg Technologies, GoDigit and Aye Finance.
Systematix Corporate Services Ltd. and Mahesh C. Solanki & Co, acted as the advisors to the transaction.
