Business
Zoff Foods explores stake sale above Rs 1,000 crore
Livemint·
JM Financial-backed Zoff Foods is exploring a minority stake sale that could value the spices company above Rs 1,000 crore, Livemint reported, citing people familiar with the matter. EY is advising. Talks remain early. Potential buyers include private equity firms and strategics such as ITC, Emami and Orkla India. JM Financial Private Equity owns a 20 percent stake.
Prism
What It Means For You
- Capital raised would expand product lines and geographic reach, people familiar with the talks said.
- The company expects about Rs 200-250 crore in annual recurring revenue this fiscal year.
- ITC said it does not comment on market speculation.
What's Happening
- Discussions are early and the raise size and valuation may change, Livemint reported.
- Existing investor JM Financial Private Equity could sell part of its holding if valuation is attractive.
- Founders Akash Agrawalla and Ashish Agrawal started the Raipur-based firm in 2018.
How Zoff Has Been Funded
- Asquare Foods and Beverages raised Rs 40 crore from JM Financial Private Equity in 2024.
- The firm later added a further Rs 18.5 crore infusion earlier this year.
- Zoff has said it posted a 40 percent compound annual growth rate in revenue over four years.
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