The sauce has also acquired an additional 1 per cent stake from other shareholders
GRM Overseas Ltd. has sold a more than 3 per cent stake in GRM Foodkraft Pvt. Ltd., a subsidiary of GRM Overseas Ltd. focused on domestic India-based foods business, to Sauce. VC, a consumer-focused venture capital fund, for an undisclosed amount. The sauce has also acquired an additional 1 per cent stake from other shareholders.
Manu Chandra, Founder & Managing Partner, Sauce.vc said, “Foodkraft has a strong legacy and established strengths in supply chain and distribution in packaged foods and staples. We aim to utilise this deep know-how and wide distribution reach to launch new food brands in promising new categories. The business is a key addition to our diverse portfolio of investments and we would like to play an enabling role to help it achieve its mission.”
The company sells a variety of BASMATI RICE under the brands 10X Zarda King XXL, WHEAT FLOUR (Atta), Besan, Daliya, Suji, Poha etc. under its 10X Shakti Brand.
10X Ready-to-cook product kits such as Hyderabadi Biryani, and One Pot Moradabadi Biryani, are already well accepted in markets.
GRM Foodkraft has a presence in online and offline retail as well as the D2C segment. It has over 52 Distribution Centres (DCs), serving more than 1,60,000 Kirana stores.