Home >companies >Adinath Agro raises first round of investment

Adinath Agro raises first round of investment

Gets undisclosed sum from private equity fund Carpediem Capital for a significant minority stake

Mumbai: Adinath Agro Processed Foods Pvt. Ltd has raised its first round of investment for an undisclosed sum from private equity fund Carpediem Capital for a significant minority stake.

Infina Finance Pvt. Ltd, an associate of Kotak Mahindra Bank, has co-invested alongside Carpediem Capital. Candle Partners was the exclusive financial advisor to Adinath Agro on the deal.

Adinath Agro is a food processing company largely focused on ketchups and sauces which sell under the brands Surabhi, Winn and Magic King.

The company is promoted by two first generation entrepreneur brothers, Nitin and Rajesh Gandhi, who have over 25 years of experience in the food processing industry.

“We believe this partnership will help accelerate our growth trajectory as we penetrate further into our existing markets and expand into new markets," said Rajesh Gandhi, director, Adinath Agro.

Carpediem Capital is an India focused private equity fund with an investment focus of small and medium business enterprises in the consumer and service sector.

“The investment is in line with Carpediem’s investment philosophy of backing emerging leaders. The company is a leader in the niche category of Jain sauces, which is seeing double digit growth due to increased penetration in tier II and tier III markets. The Gandhi family has built a profitable company with strong fundamentals and we are excited to partner them in the next phase of its growth," said Hithendra Ramachandran, managing director, Carpediem Capital.

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