GRM Overseas recently divested over 3 percent of its holdings in GRM Foodkraft Pvt. Ltd. (“Foodkraft”), a subsidiary of GRM Overseas Ltd. specializing in the Indian food market, to Sauce.vc, a venture capital fund with a consumer-centric focus. The transaction amount remains undisclosed. In addition, Sauce.vc has procured an extra 1 percent stake from other existing shareholders.
Commenting on the investment Atul Garg, MD, GRM Overseas 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 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.”
Under its 10X Shakti Brand, the company offers an assortment of products, including basmati rice sold under brands such as 10X Zarda King XXL, WHEAT FLOUR (Atta), Besan, Daliya, Suji, Poha, and more.
10X Ready-to-cook product kits, including popular options like Hyderabadi Biryani and One Pot Moradabadi Biryani, have gained significant acceptance in the markets.
GRM Foodkraft is actively present in both online and offline retail, as well as the direct-to-consumer (D2C) segment. With a network of over 52 Distribution Centers (DCs), it caters to a vast network of over 160,000 Kirana stores.