GRM Overseas sells stake in GRM Foodkraft to Sauce.vc
GRM Overseas has sold a more than 3 percent stake in GRM Foodkraft Pvt. Ltd. (“Foodkraft”), a subsidiary of GRM Overseas Ltd.
focused on domestic India-based foods business, to Sauce.vc, a consumer-focused venture capital fund, for an undisclosed amount. Sauce has also acquired an additional 1 percent stake from other shareholders.
Commenting on the investment Atul Garg, MD, GRM Overseassaid, “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 e-commerce. Sauce’s investment aligns with our commitment to rapidly scale and diversify our product portfolio."
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 know-how 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.”
The company sells a variety of basmati riceunder the brands 10X Zarda King XXL, WHEAT FLOUR (Atta), Besan, Daliya, Suji, Poha etc. under its 10X Shakti Brand.
10X Ready-to-cook product kits such as Hyderabadi Biryani, and One Pot Moradabadi Biryani, are already
