Impact investing firm Aavishkaar, part of the Aavishkaar-Intellecap Group, has announced an investment of Rs 35 crore in packaged foods startup Kottaram Agro Foods that markets products under the brand Soulfull.
The investment will be made through its US $200 million Aavishkaar Bharat Fund.
“The partnership with Aavishkaar will help Soulfull strengthen its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next three years,” Prashant Parameswaran, Managing Director and CEO, Kottaram Agro Foods said in a statement.
There are immense opportunities in the packaged foods industry in India which is growing rapidly at 20-25 percent, he added.
Kottaram Agro processes finger millet (ragi) into tasty, delicious and healthy breakfast and snack options such as flakes, Ragi bites, muesli and ready-to-cook oat-millet meals.
It is planning to get into beverages category with the launch of an high protein healthy drink Smoothix this summer.