 "Venture capital Sauce.vc acquires around 3% stake in GRM Foodkraft")
Basmati rice company GRM Overseas on Monday said it has sold more than 3 per cent stake in its subsidiary GRM Foodkraft to venture capital fund Sauce.vc for an undisclosed amount.
Sauce has also acquired an additional 1 per cent stake from other shareholders in GRM Foodkraft, which focuses on domestic foods business.
Atul Garg, MD, GRM Overseas Ltd. said the company has roped in Sauce.vc as a strategic investor.
"We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new-age brands by the Sauce team. Our goal is to evolve our brands into distinguished names in their respective product categories," he said.
The company would intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening its presence in digital channels including e-grocers, quick commerce, and e-commerce.
"Sauce's investment aligns with our commitment to rapidly scale and diversify our product portfolio," Garg said.
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GRM Foodkraft has its presence in online and offline retail as well as the D2C segment. It has over 52 Distribution Centres (DCs), serving more than 1,60,000 Kirana stores.
GRM has three rice processing units with an overall annual production capacity of 4,40,800 MT based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham (Gujarat).