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.