Private equity fund Avendus Future Leaders Fund Monday said it has bought a stake in domestic snacks firm Bikaji Foods International for Rs 40 crore.
Avendus is focused on investing in late-stage private companies in the consumer and financial services segments, through a secondary transaction. It purchased a part of the stake held by two existing investors - Lighthouse and Intensive Softshare, the release said.
Future Leaders Fund Managing Partner and Head Ritesh Chandra said the stake has been acquired for Rs 40 crore.
"Bikaji has established itself as a leading company in the Indian ethnic snacks segment with a sizable market share, profitability and a platform geared for growth. With pan-India presence and favourable macro tailwinds, the company is expected to grow rapidly in the coming years," Chandra said.
Future Leaders Fund plans to raise Rs 500 crore from individual and institutional investors. The fund, in its life cycle, is targeting to invest in eight to 10 companies with an average investment size of Rs 40-75 crore.