Verlinvest leads $14m Series B for Indian food player

Additional participation came from DSG Consumer Partners (DSGCP) and InnoVen Capital India, a venture debt provider backed by Singapore’ Temasek Holdings. The capital will be used for brand marketing, launching new flavors, and increasing production capacity.

“We believe that Greek yogurt and premium dairy in general will become large categories in India,” Arjun Anand, an investment associate at Verlinvest, said in a statement. “This increased investment in Epigamia alongside DSGCP fits well within our partnership to be a long-term supporter of young brands and talented entrepreneurs in growing categories in India.”

Drums has expanded its Epigamia range to eight flavors available in more than 4,000 retail stores nationwide since launching the product in 2015. It targets the brand at India’s health-conscious millennials. The company received INR445 million from Verlinvest and DSGCP in a Series A round last year.

Dairy products have proven a popular target for private equity investors in India’s packaged food and beverage sector. Recent activity includes a $10 million Series D for Milk Mantra Dairy, a INR1.1 billion commitment to Dairy Classic Ice Creams, and a INR5.2 billion investment by KKR in Kwality. Earlier this year, TPG Capital’s growth investment arm agreed to pay $50 million for a significant minority stake in Dodla Dairy.

Founded in 1995 by the founding families of Anheuser-Busch InBev, Verlinvest specializes in branded consumer companies across food, retail, hospitality, digital and education segments. It claims about $2 billion in assets under management, about one-third of which is invested in Asia.

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• Topics
• South Asia
• Consumer
• Early-stage
• India
• Verlinvest
• Innoven Capital