Bikanervala inches closer to fetch Rs 200 crore fresh funds from PE Funds
Bikanervala inches closer to fetch Rs 200 crore fresh funds from PE Funds

If the market buzz is to be believed, then Bikanervala Foods Pvt. Ltd., brand that sells Indian sweets and snacks under the name Bikano, is in advance talk with private equity funds to raise a capital of around Rs 200 crore.

According to the source closed to the development, Bikanervala is in the market to raise funds to the tune of Rs.200 crore. The promoters want to dilute a minority stake in the company. To accelerate the proceedings, company has roped in investment banking firm IDFC Bank to churn up the process. However, both the firms declined to comment on the matter. Spokesperson of the IDFC Bank maintained mum despite much of probing and on the other hand, an email sent to Shyam Aggarwal, MD, Bikanervala didn’t elicit any response.

Bikanervala started off selling Indian snacks but has, over the years, expanded its offerings to include beverages, cookies and papad. The company has five plants in New Delhi, Greater Noida on the outskirts of the capital and Rai (Haryana). Apart from selling its products in India, it exports to countries across Asia, Europe, Africa, and to Australia, and the US. Bikanervala plans to invest the money in its packaged foods business, informed one of the sources.

It has two lines of business—the packaged foods business under which it sells snacks, sweets and other products and the store-cum-restaurant business under the Bikanervala brand. The fund-raising activity that the company is undertaking is for the packaged foods business; it wants to invest to expand the product portfolio and distribution network, source added further. 

 
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