India Agri Business Fund II (IABF-II) has invested $10 million in frozen food products exporter Global Gourmet Pvt. Ltd for a minority stake. It has been co-sponsored by Rabobank, the UK’s CDC Group and Asian Development Bank.
With a fund size of $150 million, IABF-II invests in the food and agri-business sector. This is its first investment in the frozen food space in India.
Global Gourmet exports to the UK, European Union, US and Australia. It supplies its products to retailers such as Tesco, Amul, McCain, Sumeru and MTR Foods.
With the latest round of funding, the company expects to grow its revenue to Rs 500 crore in the next five years, from the current Rs 70 crore.
The fund will be used by Global Gourmet to grow its presence into value-added shrimps and other protein-based products and to further its presence both in India and globally