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Freshee raises growth capital from Edelweiss; focus on retail penetration
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Monday, 13 June, 2016, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d Freshee, an FMCG brand within the consumables space, recently announced that it has raised growth capital from Edelweiss Private Equity. The latter is the venture capital and private equity arm of Edelweiss Financial Services, one of India’s leading diversified financial services conglomerates.
The company markets products in consumer food packaging, and is already one of the fastest growing brands in the aluminium foil and container business in India. It has been accepted by large multinational food chains, as a preferred provider of food-grade packing materials. In the near future, it plans to introduce a range of personal hygiene products like tissue and kitchen products like baking paper, which will impact and improve consumers’ hygiene and well-being.
The company was launched by Vimal Somani with a vision to create a leading brand in its category. Somani is an industry veteran with over two-and-a-half decades of experience, owing to his association with companies like Hindalco, Vedanta and Mittal Group, where he served in leadership capacities in India and overseas.
Currently, Freshee is present across more than 40,000 retail outlets covering 17 states in India. The company also exports its products to more than 10 countries.
Vimal Somani, founder, RIPL, said, “Freshee is run by a team of senior professionals and its growth is attributed to the team's hardwork and commitment. It is duly supported by all stockists, distributors, consumers, institutional business partners, associates, bankers and various independent professionals. Freshee hopes to steadily grow, to become the most preferred brand in the consumables segment.”
“We are excited to have Edelweiss Private Equity team as part of our journey, and with their support and assistance, we are determined to take market leadership position for Freshee over the next few years in this growing category.”
“The funds will be utilised to enhance our pan-India retail segment penetration, market development, capacity expansion and include new value-added products, for domestic as well as global markets,” added Somani.
Pranav Parikh, managing partner, Edelweiss Private Equity, stated, "Our vision and the funds’ interest lies in backing strong management. With changing lifestyles, the focus on hygiene and favourable demographics, we believe that the fast moving consumables space is a huge opportunity of over $2 billion, for brands that can focus on enhancing consumer hygiene and wellness. Freshee is well positioned to take advantage of this opportunity and we are excited to partner with Somani for this quest.”
Radix Capital Advisors, a Mumbai-based investment bank, was the sole financial advisor to Freshee.
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