Packaged food and beverage company Wingreens has acquired pesticide-free food brand Safe Harvest via a share swap and completed a Rs 120 crore ($12.6 million) Series D round led by Ashish Kacholia, with participation from Alchemy Fund.
This raises Wingreens’ total capital to Rs 556 crore. The last significant fundraising occurred in November 2021, when it raised Rs 124 crore (around $17 million) in an equity round led by Investcorp.
The acquisition aims to enhance Wingreens’ farm-to-consumer segment via its brands: Wingreens Farms, Raw Pressery, and Safe Harvest.
Safe Harvest collaborates with over 100,000 farmers, primarily women, promoting sustainable rural livelihoods and pesticide-free food.
Its portfolio includes various organic products, with a claim of 100% pesticide testing.
The new funding will enhance product diversity, distribution, supply chain, innovation, and farmer partnerships, establishing a robust food and beverage platform emphasizing health, transparency, sustainability, and inclusive growth.
Source: Entrackr