Gujarat based freeze-dried product manufacturer Saraf Foods has raised funding of worth Rs.30 crore from a clutch of its existing investors which are Saraf Family, PEDORIA and DSG Consumer Partners. Danish Investment Fund, IFU has picked up additional stake in the company. This funding also involves a loan from SBI and subsidy from Ministry of Food Processing Industries under cold chain scheme.
The company plans to use the raised funding in Individual Quick Freezing, add capacity to freeze-drying and diversify into air drying.
The company aims to garner 200 per cent growth in revenue by 2020 after building a proper infrastructure with this investment.
Suresh Saraf, Chairman MD, Saraf Foods said, We continue to evolve despite specializing in Freeze Drying for 25 years now. We are happy that our investors have continued to show faith in us. We are glad to have Danish Investment Fund, IFU on board too. We hope all of us together can take Saraf Foods to great heights. The funds raised will bolster our upcoming project. The new unit will commence operations from the end of June 2018.
In 2013, the food processing company also raised funding of Rs.10 crore from DSG Consumer Partners and loan from SBI.
Deepa Hingorani, Vice President IFU said, IFU, through its Agribusiness Fund, is very pleased to partner with an experienced company such as Saraf Foods. The Company uses state of the art technology for food processing and we look forward to being a part of their journey to emerge as an even stronger player in the industry,
As a part of the deal, Rohit Goyal, Senior Investment Manager at IFU will now be a board of member at Saraf Foods.
Deepak I. Shahdadpuri, MD at DSG Consumer Partners said, The investment is well-deserved. I have full confidence in the team and hope to see them take the company on to the path of the next stage of evolution, scaling up and becoming an innovator in this sector.