Wingreens Farms secures funding to increase its distribution network

Indian food and beverage company Wingreens Farms has secured Rs1.25bn ($17.3m) in Series B funding to increase its distribution network and create new products.

Swiss private equity fund responsAbility Investments led the funding round alongside existing investor Sequoia India.

Wingreens Farms manufactures dips and spreads. Its product portfolio includes hummus, peanut butter, sauces, mayonnaises, as well as other dips and spreads.

The company also provides employment for more than 300 women at its production facilities and stores.

Wingreens Farms founder and managing director Arjun Srivastava said: “Starting off as a category creator in fresh dips in India to becoming a multi-category company in just eight years, Wingreens has always been at the forefront of innovation.”

Currently, the company sells and distributes its products to more than 140 cities across India, although it plans to expand its footprint to 200 more cities in the near future. The company intends to use the funding to enhance its farming and food processing capabilities. The investment will also enable Wingreens Farms to achieve its societal goals.

responsAbility has a presence in 90 countries worldwide and manages more than $3bn of assets. It primarily focuses its investments in food, agriculture, finance and energy companies in emerging markets.

responsAbility Investments Asia Pacific food and agriculture head Akshay Dua was quoted by Business Standard as saying: “The founders’ experience in creating marquee brands in the past, coupled with Anju’s (Srivastava) passion in making a difference in the agriculture sector results in a strong, sustainable business model.”

Dua will join the board of Wingreens Farms.