A Kerala based food startup raised an investment from Bahrain’s Investcorp. An astounding Rs 80 crore ($11.3 million) was raised by Intergrow Brands from Bahrain-based private equity firm. The company, formerly known as Intergrow Foods & Beverages, is part of Synthite Group, a value-added spices company.
"According to The Hindu Business Line, the funds will be used for the market expansion of our brand's Kitchen Treasures and Sprig,” said Ashok Mani, MD and CEO of Intergrow Brands.
Kitchen Treasures, the company’s flagship brand launched in 2013, has around 70 products in categories such as spices, masalas, pickles and culinary paste. Global expansion It has emerged as the second biggest spices brand in Kerala said the firm.
As for Kitchen Treasures, two new factories will be set up in Kolenchery near Kochi where it already has two manufacturing facilities. `` We are aiming at a turnover of Rs 350 crore in the next four years. In addition to UAE, Bahrain, Oman and Qatar, we will introduce the brand in Saudi Arabia and Kuwait” he added.
The company will also strengthen its presence in the Kerala, which brings the major share of the turnover now.
The Sprig brand comprises 50 premium products of spices, seasonings and green. The 25 new green tea products that the company launched are different from the existing varieties in the market as they are in the form of powder, instead of the sachet, easily soluble in water.
As more Indian’s go for more natural products, Intergrow aims to increase its Sprig range of products across the country.
According to Mani, the firm plans to place right-sized products in the market like the extract of natural vanilla that Intergrow makes under the Sprig brand is sold in 100 ml bottles which are priced at ₹899.
“Not many people in middle-income groups, even if they have good disposable income, would not like to spend that kind of money on a bottle of vanilla extract. But, they would not mind doing it if it is in the range of, say, ₹399. So we are planning to launch packs with lesser quantity, which are ideal for nuclear families,” the Intergrow CEO said to the Hindu Business Line.