INDIA – Guwahati-based consumer brands company, Kishlay Foods Pvt. Ltd has secured US$14.55 million in a round of funding led by Norwest Venture Partners to support its growth strategy.
The funding, also contributed by D.K. Surana, promoter of Intensive Softshare Services (Intensive) features a secondary share sale to be used primarily for buying out the existing business partners.
Additionally, it will allow it expand distribution in North and East India markets, launch additional product lines and enhance management team.
Kishlay has a strong presence in the North and East through its icon brands such as Non-Stop, Kishlay and Mamooz and its portfolio entails extruded snacks, potato chips, biscuits and cookies.
“Kishlay foods is well positioned to penetrate deeper in its home markets and expand further in new geographies and products.
Kishlay is excited to partner with NVP and Intensive and will benefit greatly from the support of external investors as it looks ahead on to its next phase of growth,” said Sandeep Bajaj, CEO of Kishlay Foods.
The financing is geared towards steering growth into a stronger brand platform and increase its market share in the snacks segment.
Kishlay claims to have diversified into snacks categories such as potato chips, corn-based rings, puffs, balls along with bakery products.
“As part of Norwest’s investment focus on food tech, packaged food and food services, we have been tracking Kishlay Foods for a long time, and have been extremely impressed with the quality of the team, the company’s rapid growth and strategic execution,” said Sumer Juneja, Director at NVP India.
“The large organized snacks market in India is estimated to be $8 billion and is growing at 20% CAGR.
With its unique products and growing distribution network, Kishlay is well positioned to capture this opportunity.”
Mumbai-based Intensive Software Services was the sole financial adviser to the deal.