Social venture capital firm Aavishkaar has forayed into Sri Lanka with an investment of 300 million Sri Lankan Rupee (LKR) in MA's Foods.
The South and South-east Asia focused Aavishkaar Frontier Fund has agreed to invest 300 million LKR (about Rs 13.80 crore) in Sri Lanka's premium food processing firm MA's Foods, the company said in a release issued here.
This investment will enable MA's Foods to accelerate its new phase of growth, expand into the North of Sri Lanka and meet its strategic plan objectives.
MA's Foods is the manufacturer of some of Sri Lanka's popular brands, including MA's Kitchen, Happy Home, Dad's Garden and Pasta Roma.
"The Sri Lankan company has tremendous potential to scale up its business with its combination of excellent management team, established local brands, long-standing international relationships and significant backward linkages while staying true to its commitment to sustainability and fair trade," Aavishkaar Partner Sanchayan Chakraborty said.
MA's Foods markets a portfolio of organic, fair-trade and conventional gourmet meal solutions including spices, seasonings, curry pastes, sauces, ready-to-eat foods and coconut based products.
"It is fantastic motivation and a privilege to work with Aavishkaar Frontier Fund... In the coming months, we will continue with our vision of being an inseparable part of every kitchen while crafting tasteful moments for desiring families around the world with much more vigour," MA's Foods CEO Maliek De Alwis added.