Announces strategic investments in Tobox Ventures (GoKhana), a Food Tech firm
GRM Overseas Limited, Panipat-based basmati rice exporters and a niche consumer staples player, has announced the set-up of its Food Tech Fund under the aegis of its subsidiary GRM Foodkraft (GFK). The purpose of this fund is to invest in food tech companies which strategically fits into GFK’s Direct-to-Consumer (D2C) product offerings.
Additionally, the company has made its maiden investment from this fund and has picked up a 5% stake (pre-money) in Bengaluru-based startup Tobox Ventures (GoKhana). This strategic investment will help GFK to leverage GoKhana’s network to introduce its high-quality product basket directly to GoKhana’s corporate catering partners and their customers. Furthermore, this partnership will extend new Direct-To-Consumer product offerings from GFK to GoKhana’s customers under D2C model.
Atul Garg, Managing Director said, “GRM will continue to focus on diversifying from private label Basmati rice offerings to build its own high margin brands. The company is strategically expanding in domestic market by pushing its presence both in general trade and modern trade through its own 10X brand, leveraging the strong distributor base enjoyed by the core business.”