AviGlobal alternative asset manager Investcorp today revealed an investment of USD 11.3 million in the Intergrow, a subsidiary of Synthite Group that is specialization in spice production.
Speaking on the investment, Girish Nadkarni, Partner and Co-head of Private Equity at Investcorp India, said,
“Intergrow has a strong management team led by CEO Ashok Mani. We are impressed with the team’s ability to develop new innovative products for the Indian market and provide quality products to consumers.”
The company, which is launched in 2014, Intergrow, product ranges from the packaged spices, sauces, marinades, and seasonings to premium gourmet food and tea.
The company claims to have become the second-largest player in Kerala packaged species market under the brand name of kitchen Treasures. Kitchen Treasures also makes the pastes and pickles, ready to Cook and Ready to Eat products.
Aju Jacob, Director of Synthite Industries, commented, “We are impressed with Investcorp’s global network and their deep commitment towards investing in compelling growth opportunities worldwide.”