Pushp Spices, a maker of pure and blended spices in Madhya Pradesh, said on June 17 that it has raised Rs 125 crore in funding from venture capital firm A91 Partners.
This is the company's maiden fundraising activity.
Founded by Mahendra Surana and Surendra Surana, Pushp said it will use the capital for expanding and deepening distribution network, beefing up the existing sales team and enhancing marketing initiatives to strengthen the brand across India.
Pushp's products include coriander, turmeric and chilli powder, other pure spices (hing, cumin powder, dry ginger powder, pepper powder), blended spices (garam masala, achar masala, chat masala, etc) and value added items such as lemon cool masala and Jaljira. The company recorded a revenue of Rs 165 crore in FY20.
"At Pushp, we have continued to develop our business on the back of innovation and by consistently offering quality products on the back of a robust and highly automated manufacturing. Indian consumer is focused on taste, quality and reliability, and our sharp focus on these factors has helped us build deep trust with customers to become one of the top brands in the spices category, " said Surendra Surana, co-founder of Pushp.
A91 Partners is a $350 million fund started in 2018 by three former managing directors at Sequoia Capital - VT Bharadwaj, Abhay Pandey and Gautam Mago. The fund aims to make 10-12 investments in growth state consumer focused companies.
Its current portfolio includes Sugar Cosmetics, beverage maker Paper Boat, Digit Insurance, lending firm Aye Finance and Atomberg fans.
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