Early growth investor Fulcrum Venture India (FVI) leads a Rs 30 crore investment round in Chennai-based Southern Health Foods Pvt Ltd., the maker of Manna foods.
With more than 25 health food products, Manna Foods has its niche in the ethnic health foods space, having a strong marketing and dealer network pan India.
Fulcrum expects Manna’s revenues to increase to around Rs 100-120 crore over the next two years. The funds founder-Partner, Krishna Ramanathan said that, “Manna is a great company which has been managed and operated well by the promoters".
With very little external funding the company has managed to grow to Rs 40 crore, having shown at a CAGR of 24 per cent for the 3 years leading to Fiscal 2014.
"We believe the company has established the platform now and with our funding will fuel a more aggressive growth plan.” Fulcrum’s strategic positioning and expertise will help Manna in moving it from the SME to a large scale operation," he said.
Having a strong presence in the South already, Manna Foods aims to use the funds to expand domestically in the Northern and Western regions of the country to boost its market share. Globally, it currently serves the markets in USA, UK, Malaysia, Singapore and Australia. As it expands into new export regions, Manna Foods also aims to build its key management positions.
Nazar CEO and MD, Manna Foods said that he is looking forward to working closely with Fulcrum Venture to help take Manna Foods to the next level.
Fulcrum Venture, who has been focusing on early and SME (Small and Medium Enterprise) stage investing since its inception in 2000 and has offered financial support to promising start ups in a variety of sectors such as Pharma, healthcare, Niche Retail, FMCG and IT & Technology.