CESC Ventures raises kitty to fund startups

CESC Ventures, part of the RP- Sanjiv Goenka Group, has raised the kitty with plans to pump more money in startups, primarily in the FMCG sector.

After coming up with a Rs 100 crore fund to invest in such up-start firms, the company has raised it to Rs 300 crore.

"We are looking at investing in 10-20 start-ups primarily from the FMCG vertical. Currently, we want to remain as a venture capitalist and don't have any intention to take over the companies where we are investing," CESC Ventures director Shashwat Goenka said on the sidelines of its maiden (AGM) on Friday.

The company which owns snacks entity Guiltfree Industries and was looking at exploring new avenues.

It posted a revenue of Rs 358.44 crore in the last fiscal which Goenka is targeting to take up to Rs 10,000 crore in the coming 5-7 years.

The group chairman Sanjiv Goenka had said it has raised R&D by five-fold and was focusing at new products in the personal care, ayurveda and ethnic snacks categories.

In November last year, the company invested in "The Souled Store", a pop culture merchandise brand, and last month, it again invested in mCaffeine, which uses caffeine as a key component in its products sold via online platforms.

Apart from financing start-ups, CESC Ventures has also been on an acquisition mode.

Recently, the group picked up a majority stake in Herbolab India which manufactures ayurvedic medicines and products under the Dr Vaidya's brand name.

Meanwhile, Spencer's proposed to expand the number of stores by another 20-30 across the country.