Sauce.vc Gains 3% Stake in GRM Foodkraft
Published on: December 11, 2023.
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Basmati rice company GRM Overseas announced today that it has sold a 3% stake in its subsidiary GRM Foodkraft to venture capital fund Sauce.vc. This strategic investment will help propel GRM Foodkraft’s domestic foods business to new heights.
GRM Overseas Managing Director Atul Garg expressed excitement about partnering with Sauce.vc, stating that they are looking forward to benefitting from their wealth of experience in creating successful brands. Garg emphasized their goal of transforming their brands into distinguished names in their respective product categories.
The collaboration with Sauce.vc will also enable GRM Foodkraft to explore opportunities in the packaged foods industry and expand its digital presence. The company plans to identify emerging areas for launching new brands and further establish its footprint in online channels, including e-grocers, quick commerce, and e-commerce.
Garg added that this investment by Sauce.vc aligns perfectly with GRM Foodkraft’s commitment to rapidly scale and diversify its product portfolio. The company currently operates in both online and offline retail, as well as the D2C segment. With over 52 Distribution Centers serving more than 160,000 Kirana stores, GRM Foodkraft has established a strong presence in the market.
In terms of production capacity, GRM Overseas operates three rice processing units located in Panipat (Haryana), Naultha (Haryana), and Gandhidham (Gujarat). These facilities have a combined annual production capacity of 440,800 metric tons of rice.
For more information about GRM Overseas and GRM Foodkraft, please visit their official websites:
– GRM Overseas: [Link to Has Rice](https://www.hasrice.com)
– GRM Foodkraft: [Link to Pakistan Rice](https://www.pakistanrice.com)
Source: [Devdiscourse](https://www.devdiscourse.com)
