India: Convergent Finance injects $14.1m in Jyoti International Foods

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Private equity firm Convergent Finance LLP Tuesday announced that it has invested $14.1 million (Rs 107 crore) for a significant minority stake in Jyoti International Foods Pvt. Ltd, an end-to-end supply chain solutions provider to the Indian food services industry.

The investment, to be disbursed over a period, will be used for technology upgradation and new market development besides as an equity tap to undertake M&As and business expansion, Convergent Finance said in a statement.

Pune-headquartered Jyoti International Foods provides a variety of supply chain and distribution solutions, ranging from managing end-to-end logistics (from primary transportation to the last-mile delivery), warehousing, procurement planning and various other value-added services. Founded in 2005, Jyoti currently boasts of a presence in 150 plus cities in 25 states across the country. Its clientele includes Subway, Rebel Foods, Cinepolis, Chili’s, and Holiday Inn among others.

Convergent Finance was floated by former Fairfax India executive Harsha Raghavan in May 2018. The firm reportedly led a $22-million funding round in Hindustan Foods Limited, a leading contract manufacturer for the FMCG industry, last year.

“Given our track record of working with great platform companies to help transform them into global leaders, Jyoti will benefit from our network of relationships, strategic insights and operational expertise,” Harsha Raghavan, Managing Partner at Convergent.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.