A subsidiary of Synthite Group, Intergrow which specializes in spice production recently received an investment of US $11.3 Million (Rs 80 Cr) from Investcorp, a global alternative asset manager. The deal was advised to Intergrow by Consark.
Intergrow was founded in 2014 and since then has offered products that range in packaged spices, sauces, seasonings and marinades to exclusive gourmet tea and food items. The company has often claimed to be the second-largest producer in Kerala’s market of packed spices under the brand name of ‘Kitchen Treasures’. Kitchen treasures are also popular for its pastes and pickles in the market along with Ready to Eat and Ready to cook items. The company now with the investment plans to introduce green tea products in 3500 to 5000 retail supermarts across the country.
Kitchen Treasure undertakes its publicity initiatives with Actress Manju Warrier as the brand ambassador. The company also undertakes operations under the brands ‘TE.A’ and ‘Sprig’, which offer chilled green teas and gourmet food items respectively. These are new introductions in the competitive market. Sprig deals with 50 exclusive types of spices, green tea, and seasonings. The 25 new green tea products which the company introduced in the market are diverse from the already prevailing ones in the market as they in the form of a powder, instead of a sachet and are also easily soluble in water.
Intergrow also caters to global food and nutraceutical cosmetics in the market of the US, China and India and pharmaceutical companies in the US and Europe. The Bahrain-based company, Investcorp has invested in Intergrow as an essential step to back-up the businesses with sustainable development prospects in the consumption-driven market of India.
Investcorp has aimed at investing in numerous start-ups in the arena of consumer services, healthcare services, and financial services. In July this year, the company closed Rs 1000 Crore in its initial private equity India fund. Recently, it also initiated an $11.2 million funding investment round in Mumbai-based fashion brand name Bewakoof.com and also infused capital in various start-ups like co-living space provider Zolo, retail chain CityKart, Incred and ASG Eye Hospitals.
The Director of Synthite Industries, Aju Jacob stated that they are impressed with Investcorp’s global network reach and their efficient commitment towards the goal of investing in compelling effective growth opportunities worldwide.
Ashok Mani, M.D of Intergrow also mentioned that the company will efficiently use the capital funding for sufficient expansion of the new items under the brand Sprig and also create additional manufacturing facilities for the products of Kitchen Treasures for the coming three financial years. The company also plans to strengthen its presence in Kerala, which fetches the major share of the turnover for the company.
Intergrow now hopes to capitalize on the development of green tea items to expand Kitchen Treasures curry masala to numerous other states with the objective of region-specific blends.
Commenting on the capital funding, Girish Nadkarni, Partner and Co-head of Investcorp India, mentioned that the initiative of Intergrow has a sturdy and strong management team led by CEO Ashok Mani. They are more than happy with the team’s ability to develop brand new ground-breaking products for the competitive Indian market and offer better quality items to the potential consumers.
He also appreciated Intergrow for its unmatched food technology position and unique research and development capabilities which has immensely contributed to the company’s good position in the Indian market.