Vadodara-based Saraf Foods Ltd. has raised its second round of funding worth Rs. 30 crore from a consortium comprising of existing investors -Saraf family, PEDORIA and DSG Consumer Partners, and an additional stake has been picked up by Danish Investment Fund- IFU.
Apart from this infusion of capital, it also involves loan from SBI and subsidy from Ministry of Food Processing Industries under cold chain scheme.
As per the company, the fund infusion will aid backward integration in Individual Quick Freezing, add capacity to freeze drying and diversify into air drying. With a fortified infrastructure in place, Saraf Foods aims to garner over 200 per cent growth in revenues to Rs. 100 crore by 2020 from Rs. 30 crore in 2017. The company is into freeze drying specialist and food processing space.
Other than Danish Investment Fund, IFU; the rest of the investors were also part of Saraf’s first funding round in 2013 when it picked a total investment of Rs.10 crore from DSG Consumer Partners, also involving a term loan from the State Bank of India.