Food and beverage company Wingreens Farms Pvt Ltd has raised 125 crore rupees in a Series B round led by responsAbility Investments AG. Apart from the Zurich-based company, existing backer Sequoia India also participated in the round.
The company plans to use the fresh capital to expand the back-end farming and food processing model and employ more underprivileged women, the statement said.
Wingreens products are available in over 140 Indian cities, across 1,300 modern trade stores and 9,000 general trade stores.
The Gurugram-based company plans to expand its distribution network to over 200 cities, over 2,000 modern trade stores and over one lakh general stores in the next one year, the statement said.
Akshay Dua, head of private equity, Asia Pacific - food and agri, responsAbility, will join the board of Wingreens.
“Wingreens represents the best in class in Indian FMCG – creating world-class food products, with sustainability and inclusion as part of its DNA. 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," Dua said in a statement.
The company will also invest more in marketing and strategic acquisitions and develop new product lines. It plans to add more than 40 new products to the current 180, the statement added.
Arjun Srivastava said “Starting off as a category creator in fresh dips in India to becoming a multi category company in just eight years, Wingreens has always been at the forefront on innovation. We are excited to have responsAbility as a partner as we work towards becoming a ₹500-crore business in the next 3-4 years."
At present, Wingreens employs over 300 women across its production facilities and stores.
“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.