Wingreens Farms has raised INR 124 Cr ($17 Mn) in a Series C funding round led by Investcorp. Omidyar Network India also participated in the funding round.
Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens sells all kinds of packaged food products, including healthy snacks, sauces and spreads, spice mixes, speciality bakery, breakfast cereals, non-dairy milk, protein shakes and a wide assortment of organic products.
In March this year, the startup had acquired organic juice startup Raw Pressery at one-fifth of its previous market valuation in a distress sale. In 2019, the Gurugram-based food and beverage maker had raised $17 Mn in Series B funding from Sequoia Capital and responsAbility.
The startup has an omnichannel distribution strategy with an offline retail footprint in over 200 cities in the country. It also launched a new direct-to-consumer (D2C) website called theWingreensWorld.com, which features products from recently-acquired Raw Pressery.
Anju Srivastava, Founder and Managing Director of Wingreens, said, “We are delighted to welcome Investcorp and Omidyar Network India to the Wingreens family. Their valuable experience and resources will empower us to onboard many more new age food and beverage brands on theWingreensWorld.com platform with an online and offline presence.”
“We are passionate about building a new age food and beverage company that continues to scale its social impact on the back end while building exciting brands that resonate with the emerging millennial consumer on the front end,” she added.
Gaurav Sharma, Partner and Head of India Private Equity at Investcorp India, said, “Wingreens addresses a large market that represents significant potential and headroom for growth. Over the years, it has showcased a robust market standing and strong financial metrics. We look forward to working with the company and enabling them to scale further.”