Wingreens Farms, backed by investors including Peak XV Partners and Investcorp, has appointed JM Financial to raise up to ₹200 crore, two people familiar with the matter said.
The move comes as the packaged foods and beverage maker executes a turnaround plan focused on improving unit economics and sharply reducing losses.
“The company has been working aggressively on bringing down costs and growing sustainably. They aim to raise anywhere between ₹150-200 crore to further expand their brands,” one of the people cited above said.
“The current fiscal will show some of these actions coming to fruition, as the company is expected to break even at a net profit level,” the second person said. The person added that the round will be purely primary, with existing investors likely to hold their positions until a potential public listing over a 2–3 year horizon.
Wingreens confirmed the development to Mint.
“The proceeds will be used for organic and inorganic growth. The business has been Ebitda profitable for the last 3–4 quarters and this year we are growing profitably, with revenue growth of about 30% versus last year. We will be PAT positive in the current financial year,” Arjun Srivastava, founder and director of Wingreens, said in an emailed statement.
He added that the company is working towards an IPO between the end of FY28 and the first half of FY29.
Brand portfolio
Founded in 2011 by husband-wife duo Arjun and Anju Srivastava, Wingreens focuses on minimally processed products made using high-quality, sustainably sourced ingredients. Its portfolio spans dips and spreads, sauces and mayonnaise, snacks, breakfast cereals, wheat pastas, juices, beverages and milkshakes.
Over the years, the company has raised nearly $60 million and is backed by investors including Anicut Capital and Omidyar Network India. It operates four brands–Raw Pressery (juice brand), Wingreens Farms, Wingreens Harvest (breakfast cereals, specialty coffees and snacks) and Saucery (sauces & dips).
Other than Raw Pressery and Saucery, which it acquired, the company also bought snacking brand Postcard.
In FY24, Wingreens reported consolidated revenue of ₹260 crore, down from ₹311 crore a year earlier. Losses narrowed sharply to ₹65 crore from ₹180 crore in FY23, according to MCA filings sourced by Tofler. The company has yet to file its FY25 financials.
Audit red flags
The company’s auditor had flagged material uncertainties around Raw Pressery’s ability to continue as a going concern in its FY24 filings—nearly three years after Wingreens acquired the brand through a distress sale.
The filings also showed that Wingreens’ holding company had put on hold the operations of Dharmya Business Ventures Pvt Ltd, which operates Postcard, as part of efforts to improve unit economics.
However, the filings noted that the company had implemented restructuring measures to reduce operating losses and had rolled out a detailed marketing and sales plan to drive revenue growth and market share. Since then, Wingreens has expanded Raw Pressery’s portfolio to include energy drinks, iced teas and refreshers.
Crowded market
India’s fast-moving consumer goods market generated revenue of $245.39 billion last year and is projected to reach $615.87 billion by FY27, according to India Brand Equity Foundation data.
Wingreens competes across categories with players such as Veeba, The Good Bean, Farmley, Two Brothers Organic Farms, Sweet Karam Coffee and Weikfield.
“The market is crowded with many brands, both established as well as new ones trying to find a foothold,” said Kartik Ganpathy, founding partner at CMS INDUSLAW, a law firm.
Ganpathy said investors typically focus on brand strength, scalability, trademark protection and defensible commercial arrangements. “Investor interest in Indian FMCG brands in dips, spreads and juices is driven by convenience, urbanization, premiumization, and the ability to build multi-brand platforms,” he said.
While seasonality poses a risk in categories like juices, it is generally manageable. “This is typically addressed through product mix, supply and distribution contracts and working-capital planning,” Ganpathy added.
“Growth will come from category extensions—both depth such as health and wellness and breadth spanning kids to seniors—new channels like quick commerce, D2C and mobile points of sale such as food trucks and fairs, and bolt-on acquisitions,” he said.
- The Peak XV–backed FMCG company has appointed JM Financial to raise ₹150–200 crore in a pure primary round, with no secondary exits planned.
- The fundraise comes as Wingreens sharpens unit economics, cuts costs and targets net profit break-even in FY26, after narrowing losses sharply in FY24.
- The company has been Ebitda-positive for 3–4 quarters and expects to turn PAT-positive in the current fiscal, management said.
- Wingreens is working towards a public listing between end-FY28 and H1 FY29, with existing investors likely to hold until then.
- Wingreens operates four brands—including Raw Pressery and Saucery—spanning juices, sauces, snacks, cereals and beverages.
- Consolidated losses fell to ₹65 crore in FY24 from ₹180 crore in FY23, though revenue dipped to ₹260 crore.
- Auditors flagged going-concern risks at Raw Pressery in FY24, even as the company undertook restructuring and portfolio expansion.
- Wingreens competes in a packed FMCG landscape where brand strength, scalability and distribution will determine investor appetite.