Hunger Inc secures Rs 215 crore from investors, while iD Fresh Food explores fresh funding talks with top private equity firms.
Hunger raises $25m in funding
Mumbai-headquartered Hunger Inc, the parent company of Bombay Sweet Shop and restaurant brands Bombay Canteen, Veronica’s, O Pedro and Papa’s, has amassed as much as Rs 215 crore (about $25 million) in funding from Lighthouse and DSG Consumer Partners.
The transaction paved the exit of some of its early investors such as CP Gurnani and a few angels.
The corpus raised will be used by the company to expand its production and supply-chain capabilities.
Hunger stated in a media release that it aims to expand its presence beyond Mumbai.
Established in 2014, Hunger Inc. runs a portfolio of restaurants, and a culinary publication. Its retail venture, Bombay Sweet Shop, specialises in Indian desserts, chocolates, and confectionery items.
iD Fresh Food in talks with PE investors
iD Fresh Food, a Bengaluru-headquartered company known for its packaged ready-to-cook breakfast staples such as dosa and idli batter, is in discussions with PE majors such as Carlyle, Kedaara, ChrysCap, Multiples, Verlinvest, among others to raise funding.
Negotiations are understood to be at an advanced stage.
According to a report in The Economic Times, the transaction is estimated to be valued at around Rs 1,200 crore. However, the final amount may be lower, as some existing shareholders plan to sell only a minor part of their stakes, and the company’s need for new funding is relatively limited.
Established in 2005, iD Fresh Food is currently backed by prominent investors such as PremjiInvest and TPG NewQuest.
