OfBusiness steps into food processing segment with acquisition of Koeleman India

Divestiture is part of the Koeleman Group’s plan to streamline its focus on its core activities

B2B marketplace OfBusiness, based in New Delhi, has entered into the food processing sector with an agreement to buy 100% stake in Koeleman India, a subsidiary of Netherlands-based Koeleman Foods International, for $10 million.

Bengaluru-based Koeleman India has a food processing unit in Narsapura, Karnataka. The company processes fruits and vegetables such as gherkins, olives, baby corn, among others. It also supplies these products to major food corporations in the United States, Europe, and Australia.

With this acquisition, OfBusiness will gain access to the food processing facility, as well as Koeleman India’s export markets.

Argus Partners advised Softbank and Tiger Global backed, OfBusiness (a raw material procurement and financing platform for small and medium enterprises), in relation to its acquisition of 100% stake in Koeleman India from Koeleman Foods International B.V.

Image credit- shutterstock

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