Bikaji Foods is buying a 53% stake in The Hazelnut Factory (THF), while AGNIT Semiconductors has raised $3.5 million in a seed round.
Bikaji to pay $16m for THF stake
Indian ethnic snacks brand Bikaji Foods said it has signed an agreement to buy a 53% stake in Lucknow-based The Hazelnut Factory (THF) for Rs 131.01 crore ($15.6 million).
This investment will be done in tranches and is expected to be completed in the next two years.
Through this acquisition, Bikaji aims to set up a house of brands to cater to customer tastes and preferences and establish Bikaji as a key player in the quick service restaurant domain.
The acquisition will enable Bikaji to expand its product portfolio into the premium bakery and patisserie segment while also incorporating various café offerings to meet evolving consumer preferences.
AGNIT raises $3.5m funding
AGNIT Semiconductors, India’s vertically integrated Gallium Nitride semiconductor startup, has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock — marking their first investment in India’s semiconductor sector.
Along with the two new investors, the round also witnessed participation from Lakshmi Narayanan, the former CEO of Cognizant and a noted angel investor, the firm said.
The 5-year-old Bengaluru-based startup has raised $4.87 million in total so far and plans to utilise the fresh funds to scale its production and commercial operations.
Additionally, the company is set to expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers to cater to the fast-changing consumer market.