FMCG company GRM Overseas sells over 3% stake in subsidiary company to VC fund Sauce.vc. Share jumps
stock market exchanges about stake sale citing, "We wish to intimate that GRM Overseas Limited has sold more than 3 Percent stake in GRM Foodkraft Private Limited, a material subsidiary of the company to Sauce.vc (“Sauce"), a Consumer-Focused Venture Capital Fund." Also Read: Why Sensex surged over 2500 points in six straight sessions — explained Commenting on the investment Atul Garg, MD, GRM Overseas Ltd. said, “We are delighted to welcome Sauce.vc as a strategic investor.
We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new age brands by the Sauce team. Our goal is to evolve our brands into distinguished names in their respective product categories.
We also intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening our presence in digital channels including e-grocers, quick commerce and ecommerce. Sauce’s investment aligns with our commitment to rapidly scale and diversify our product portfolio." Also Read: ONGC share price with gains of more than 2% among highest Nifty 50 gainers today Speaking on the venture capital fund's investment in FMCG company, 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 knowhow 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." After the outbreak of this stock market news, GRM Overseas share price witnessed strong
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