Indian condiments maker to back PE fund
Indian condiment maker Eastern Group will back a INR1.25 billion ($19.9 million) private equity fund in partnership with venture capital firm CapAleph Advisors.
The CapAleph Indian Millennium SME Fund will invest in early-stage food and agriculture businesses. The Business Standard reported that investments will be limited to INR150 million, though the SME Fund is also aligned with some international funds for joint investments of up to INR750 million.
Eastern's owners, the Meeran Family Trust, will contribute about INR300 million to the fund, according to an earlier report in The Economic Times. Eastern and CapAleph will also set up an accelerator for entrepreneurs in the food and agriculture industry. Part of the fund will be dedicated to investing in these businesses.
The fund is targeting a first close by this June, with a corpus of INR750 million, and a final close by December.
The Eastern Group, founded in 1968, creates and distributes spices and spice blends, along with whole seeds and pickles. CapAleph invests in Indian small businesses with the aim of actively steering them toward growth and expansion.
CapAleph attempted to raise a $150 million fund in 2012 with a focus on chemicals, manufacturing and engineering. However, the fund was unable to meet its target.
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