Venture capital firm A91 Partners has invested Rs 125 crore in the company behind spice brands Pushp and Munimji, picking up a 25 percent stake in it.
The Indore-based spice maker disclosed in a statement that it will use the capital to expand its distribution network, hire new professionals and strengthen the brand through innovative marketing campaigns.
According to the spice maker’s website, the group comprises partnership firm Munimji & Sons and a few other companies including Munimji Foods and Spices Pvt. Ltd and Munimji Exports Pvt. Ltd
With humble beginnings in Indore in 1974, during its initial years, it supplied spices only in the Malwa region, which included Madhya Pradesh and parts of Rajasthan.
Over the years, it has expanded to Maharashtra, Gujarat, Chhattisgarh, Andhra Pradesh, Telangana, Uttar Pradesh and Delhi.