<article>Gujarat-based food processing firm Saraf Foods Ltd. has raised Rs. 30 crore ($4.6 million) in its second round of funding led by Danish Investment Fund <a href="http://dealstreetasia.com/tag/ifu" target="_blank" rel="noopener">IFU</a>, which has picked up a stake in the company.</article>

Gujarat-based food processing firm Saraf Foods Ltd. has raised Rs. 30 crore ($4.6 million) in its second round of funding led by Danish Investment Fund <a href="http://dealstreetasia.com/tag/ifu" target="_blank" rel="noopener">IFU</a>, which has picked up a stake in the company.
According to an official statement, existing investors Saraf family, PEDORIA and <a href="http://dealstreetasia.com/tag/dsg-consumer" target="_blank" rel="noopener">DSG Consumer Partners</a> also participated in the latest funding round.
Apart from the equity funding, the round also includes a loan from SBI and subsidy from Ministry of Food Processing Industries under its cold chain scheme.
Saraf Foods, which produces &#8220;PureBitez&#8221; brand of products, had raised its first round of funding in 2013 when it got Rs. 10 crore from consumer brands-focused venture capital firm DSG Consumer Partners, and a term loan from the State Bank of India.
Subsequent to the investment, Rohit Goyal, Senior Investment Manager at IFU will join the board of Saraf Foods Ltd.
The company is currently expanding its freeze-drying capacities besides diversifying into air drying for the bulk consumers. Saraf Foods is also setting up a new manufacturing unit in Vaghodia, Gujarat.
&#8220;The funds raised will bolster our upcoming project. The new unit will commence operations from the end of June 2018,&#8221; said Suresh Saraf, managing director, Saraf Foods.
Danish Investment Fund IFU co-invests with companies as well as developers wishing to supply technology to, develop or operate businesses within the entire agribusiness value chain from farm to fork. It also offers risk capital and advice for agribusiness projects in developing countries and emerging markets.
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Existing investors Saraf family, PEDORIA and DSG Consumer Partners also participated in the latest funding round of Saraf Foods.

India: Saraf Foods raises $4.6m from Danish fund IFU, existing investors

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India: Saraf Foods raises $4.6m from Danish fund IFU, existing investors

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