SUITE42 SECURES MASSIVE $4.3 MILLION CASH INJECTION TO DEVELOP FOOD PROCESSING SERVICES
Food processing company Suite42 has raised millions of dollars in a seed-funding round, it has recently been announced.
Investors including Orios Venture Partners, Omnivore, Titan Capital and All In Capital have put a total of $4.3 million (€4.47 million) into the contract food manufacturer.
Suite42, which is based in Bengaluru (also known as Bangalore), the capital of the Indian state of Karnataka, has raised the funds after being founded earlier this year.
“We are excited to start our journey of potentially redefining the food processing industry in India,” Rahul Ratan, CEO and a co-founder of Suite42, said in a statement.
“Our mission is to empower food manufacturers in India by leveraging technology and building efficient and standardized processes.
“Consequently, brands and consumers will have access to premium products and ingredients at affordable prices.”
Suite42 said food companies in India often “struggle with reliable manufacturing”, with a lack of quality standardisation, low capacity utilisation and high wastage at many of the country’s more than 40,000 food processing facilities.
Suite42 offers contract manufacturing food processing, helping customers design, prototype and launch new products in the business-to-business, agribusiness and fast-moving consumer goods sectors.
The seed funding will be used to take on more staff and, in the company’s words, to “pilot cross-border trade”.
Last year, KPMG forecast significant growth for India’s food-processing sector as demand for processed food rose, with much of the increase in sales coming from second and third-tier cities.
SIAL Paris Newsroom reported in June that Pepsico India was investing $24 million (€24.66 million) to expand its food manufacturing capacity.