Mumbai: Guwahati-based snack maker Kishlay Foods on Tuesday said it has raised $15 million (Rs100 crore) from Norwest Venture Partners (NVP) and D.K. Surana, promoter of Intensive Software Services.

Kishlay is a leading regional player focused on the snacks market and currently has a dominant presence in North East India. It is a manufacturer of extruded snacks, potato chips and biscuits under the brand names of “Non-Stop", “Kishlay", and “Mamooz".

The company was founded in 2003 by Sandeep and Krishna Bajaj.

The funding will be used primarily to buy out existing business partners, and to expand distribution in north and east India, launch additional product lines, and enhance the management team, the company said in a statement.

“Kishlay foods is well positioned to penetrate deeper in its home markets and expand further in new geographies and products. Kishlay is excited to partner with NVP and Intensive and will benefit greatly from the support of external investors as it looks ahead on to its next phase of growth," said Sandeep Bajaj, CEO of Kishlay Foods.

Mumbai-based Intensive Software Services was the sole financial adviser to the deal. The financing is expected to fuel growth towards establishing a stronger brand platform and capturing an increased share of the organized snack market, the statement said.

“As part of Norwest’s investment focus on food tech, packaged food and food services, we have been tracking Kishlay Snacks for a long time, and have been extremely impressed with the quality of the team, the company’s rapid growth and strategic execution," said Sumer Juneja, director at NVP India.

The large organized snacks market in India is estimated to be $8 billion and is growing at 20% CAGR, said Juneja.

“With its unique products and growing distribution network, Kishlay is well positioned to capture this opportunity," he added.