Foods & Inns Limited, one of India’s largest fruit and vegetable pulpers, has raised about $26 million (Rs210 crores) in growth capital from investors including Florintree Digital LLP, Lotus Family Trust, and Aeon Trading, it announced on Tuesday.
The financing round was also joined by Silver Stallion Ltd., VSS Iron & Minerals Pvt. Ltd., and Siddhi Portfolio Services Pvt. Ltd., the company said in a statement.
“We are focusing and actively working on waste conversion to wealth and reducing carbon emissions in various activities. Our new operation of Tetrarecart will be the first of its kind in India. It will serve as an innovative packaging solution to replace tins and provide shelf-stable products that can store not just liquids but any type of food category,” said Moloy Saha, CEO, Foods & Inns Ltd.
“Our plans to manufacture pectin will serve as a vegetarian alternative to gelatine. We have also partnered with IDH, based out of the Netherlands, to help smallholder mango farmers and address issues such as climate change, biodiversity and pesticide management and have plans to collaborate with US-based college funds to help rural farmers in responsibly sourcing materials and enhancing yields,” Saha added.
Foods & Inns is one of India’s largest processors and exporters of processed food and vegetable products. It primarily manufactures and sells a variety of processed tropical fruit and vegetable pulps, purees, spices, spray dried powders, frozen food and other value-additive foods.
With 100% vegetarian products, the company houses brands like Madhu, Green Top and Kusum Masala under its belt. Its clients include Coca-Cola, Nestle, Unilever, and Paper Boat.
Foods & Inns owns seven facilities to process fruits and vegetables around the country, primarily mangoes, guava, and papaya. The company also offers frozen snacks to export to the markets outside India like the US, UK, Australia, Europe, etc.
The company posted revenue of Rs 245 crore in the second quarter ended September 31 2022, up 44% from Rs 171 crore in the corresponding period last year. The profit after tax (PAT) increased to Rs 13.9 crore from Rs 6.4 crore, registering a growth of 116%.