Wingreens raises Rs 124 cr from Investcorp, Omidyar

Packaged food company Wingreens Farms on Monday said it has raised Rs 124 crore in a round led by alternate investments focused Investcorp and impact investor Omidyar Network India.

Wingreens is a 2011-established company focused on women empowerment addressing a market opportunity in the healthy products segment which was pegged at USD 1 billion in five years by a company statement.

Anju C Srivastava, founder and managing director of Wingreens said Investcorp and Omidyar's experience and resources will empower the company to onboard many more new age food and beverage brands on its platform with an online and offline presence.

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“We are passionate about building a new age food and beverage company that continues to scale its social impact on the back end while building exciting brands that resonate with the emerging millennial consumer on the front end,” Srivastava said.

The company presently offers fresh dips, fruit juices (under the brand RAW Pressery), healthy snacks, sauces and spreads, spice mixes, specialty bakery, breakfast cereals, non-dairy milk, protein shakes and other organic products, the statement said, adding it has an omni-channel distribution strategy with an offline retail footprint in over 200 cities across India.

“Wingreens addresses a large market that represents significant potential and headroom for growth. With its sustainable business model and focus on delivering quality products, the company is a clear market leader across segments and enjoys strong reputation,” Gaurav Sharma, partner and head of India Private Equity at Investcorp India said.

Omidyar Network India partner Siddharth Nautiyal said Wingreens was Launched as a Women's Initiative Network project.

Investcorp invests in the consumer, healthcare, financial services and technology sectors, and its past bets include Intergrow Brands, Bewakoof.Com, FreshToHome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, Xpressbees, and Safari Industries.