India’s Adinath Agro Processed Foods Pvt Ltd. has closed on a Series A led by Carpediem Capital and involving Infina Finance Pvt Ltd., which is owned by Kotak Mahindra Bank and its promoter, Uday Kotak, according to VC Circle.

 

Although the full sum of the investment was not disclosed, The Economic Times reports that it is estimated to be approximately $5 million, according to industry sources.

 

Based in Pune, Adinath is a top food processor, and a leader in the niche Jain sauces segment in Western India, selling under the brand names Surabhi, Winn, and Magic King. Founded in 1989 by brothers Rajesh Ghandi and Nitin, the company also produces fruit jams, fruit crush, syrup, canned fruit and vegetables, and fruit pulp.

 

The ketchup and sauces industry in India is seeing double digit growth due to increased market penetration in tier II and III markets, and is currently estimated to be worth between Rs 1.200cr (US$181 million) and Rs 1,400cr (US$211 million), reports The Economic Times. Indeed, the entire processed foods sector in the country is set to benefit from accelerated growth in the near future as the country sees a higher rate of working mothers, and a larger middle class with more disposable income, according to Infina Finance, reports VC Circle.

 

Carpediem Capital, founded by Arvind Nair, Hithendra Ranachandran, Vishal Jindal, and Abhishek Sarman, all formerly with India Equity Partners, is an India-focused private equity fund that invests in emerging small and medium sized businesses involved in consumer products and services, logistics, managed services, healthcare, and education. Typical investments for the firm usually range between Rs15 cr and Rs50 cr (US$ 2.3 million and US$7.5 million).

 

Carpediem recently backed Thea Kitchen Pvt Ltd., a Gurgaon-based business that owns the quick service restaurant brand, Biryani Blues, and according to VC Circle, is seeking to raise Rs 550cr (US$83 million) for its India-focused fund, Carpediem Capital Partners Fund I, with a green shoe option of Rs 225 cr (US$34 million) if demand exceeds its goal