Maiyas Beverages and Foods Pvt. Ltd has now garnered funds infusion of Rs 200 crore from private equity players Peepul Capital and Ascent Capital. This is the second tranche for funding for the company as the existing investor Ascent Capital, provided Rs 100 crore in 2014. PricewaterhouseCoopers acted as the advisor to Maiyas for the latest transaction.
“The company’s key objective is to build a diverse range of products across snacks, sweets, instant mixes, spices and ready-to-eat and ready-to-cook categories, and go aggressively in market,” said Dr Sadananda Maiya, chairman, Maiyas Beverages and Foods.
The food processing major’s broad-based ready-to-eat and ready-to-cook processed products span from rava idli mix to Rasam Xpress in cubes which have transformed today’s Indian kitchens. In addition its range of ready-to-serve range comprises rasmalai, bhelbar, fruit and nut bar, badam milk, gulab jamun and so on.
Further, the company is also approved by the Indian Railways to serve its ready-to-eat food versions served in bowls on all express trains with pantry facility. These cover curd rice, curd vada, sambar idli, sambar vada, bonda soup, masala upma and sooji halwa among others.
The company which was set up in 2012 invested for advanced manufacturing plants. There is also considerable research underway on development of foods suitable for every blood group, according to Dr Maiya.
In a major research effort, the company has geared up to launch a new SKU (stock keeping unit) in the market, which is the first time ever in the category. “This the 1 minute Xpress Sambar and 1 minute Xpress Dal Tadka. There are many more such offerings in the pipeline which will transform the cooking scene in Indian homes. The first-of-its-kind move to launch this product gives us an edge in the processed food market, stated Rakesh Somayya, head, marketing and international sales, on an optimistic note while speaking to FnB News.
“Early this year, we unveiled the 1 min Xpress Rasam. The new products are a follow up on the success of Xpress Rasam which is doing well in the market, both in the domestic and international arena. The demand from the consumer is growing,” informed Somayya.
“The 1 minute range is targeting the working woman who is badly strapped for time. It is also positioned to woo the housewife who is looking for break from household chores. Our Xpress range is designed to add the much-needed convenience and comfort in cooking food enabling ease of consumption. Such food is usually ready-to-eat without further preparation. It may also be easily portable, have a long shelf life,” stated Somayya, on a concluding note.
Source: Food & Beverage