Adinath raises 1st round of investment for minority stake

Adinath Agro has raised its first round of investment for an undisclosed sum from private equity fund Carpediem Capital for a significant minority stake.
Infina Finance Private Ltd, an associate of Kotak Mahindra Bank, has co-invested alongside Carpediem Capital, Adinath Agro, a leader in the niche segment of 'Jain' sauces, said in a statement.
Investment banking and advisory services firm Candle Partners was the financial advisor to Adinath Agro on the deal, it added.
Adinath Agro Processed Foods Pvt Ltd is a food processing company largely focused on ketch-ups and sauces, which sell under brands Surabhi, Winn and Magic King.

The Pune-headquartered company, promoted by two first generation entrepreneur brothers -- Nitin and Rajesh Gandhi -- said the funds will be utilised for capacity expansion and increasing distribution reach.
"We believe that this partnership will help accelerate our growth trajectory as we penetrate further into our existing markets and expand into new markets," its director Rajesh Gandhi said.
Carpediem Capital is an India-focussed private equity fund with an investment focus of small and medium business enterprises in consumer and service sectors.