Avendus Future Leaders Fund – I (FLF), a SEBI registered category II Alternative Investment Fund (AIF), under the umbrella of Avendus Asset Management, has taken a minority stake in Bikaji Foods International Limited, India’s leading ethnic snacks company.
FLF, through a secondary transaction, purchased a part of the stake held by two existing investors - Lighthouse and Intensive Softshare.
Bikaji Foods International Limited was founded in 1987 at Bikaner, Rajasthan by Shri Shiv Ratan Agarwal. Over the years, it has emerged as one of the largest manufacturers of branded Indian ethnic snacks with an extensive product range (including bhujia, namkeen, sweets, papad and western snacks) and has established a national distribution footprint.
FLF focuses on investing in ‘best of breed’ market leading, late stage private companies in the consumer and financial services segments. The Fund aims to explore opportunistic investment situations in emerging market leaders.
On the transaction, Deepak Agarwal, Director, Bikaji Foods said, “We, at Bikaji, welcome Avendus Future Leaders Fund to join us in this exciting journey of tapping into the huge potential offered by the Indian packaged food industry.”
Ritesh Chandra, Managing Partner and Head, FLF said, “Bikaji has established itself as a leading company in the Indian ethnic snacks segment with a sizable market share, profitability and a platform geared for growth. With pan India presence and favourable macro tailwinds, the company is expected to grow rapidly in the coming years.”
FLF plans to raise INR 500 crore from individual and institutional investors. The Fund, in its life cycle is targeting to invest in 8 to 10 companies with an average investment size of INR 40-75 crore.