Peepul Capital invests in Unibic India

"We have consolidated our position," Srini Vudayagiri, an investment director at Peepul, told Livemint. "We are the only institutional investor in the company right now."  

According to AVCJ research, Lighthouse bought a 20% interest for an undisclosed amount in 2007, although the commitment is said to have been about $3 million for a 25% holding. Peepul initially acquired a majority position in the company from Lazard Australia Private Equity in 2012, investing $18 million from its third fund. 

Australia-based Unibic launched its Indian division in 2005 with a focus on manufacturing and marketing cookies. It now offers a range of about 30 products and distributes to 14 countries including the US and UK. Revenue for the last financial year reportedly came in at almost INR2 billion ($30 million).

Lighthouse invested in the company through its $60 million India 2020 Opportunity Fund as part of a broader strategy to leverage growing domestic consumer sophistication in the branded foods segment. The US government estimates the value of the country's food industry at around $120 billion, including $22 billion of value-added products.  

Founded in 2000, Peepul focuses on Indian economic modernization trends by making early to expansion-stage equity investments of $15-25 million in emerging consumption patterns, manufacturing and technology-driven business models. Portfolio companies include online jeweler Voylla and e-commerce logistics start-up Ecom Express.

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• Topics
• South Asia
• Consumer
• Buyouts
• Secondaries
• India
• Australia
• Lighthouse Funds