responsAbility’s food and agriculture private equity fund fully invested 28 months after first closing
Private equity investment in Wingreens Farms
Zurich, 2 December 2019 — The responsAbility-managed private equity vehicle focusing on sustainable food and agriculture in emerging economies has completed an investment in Wingreens Farms, the India-based fully backward integrated food company producing fresh dips, sauces, condiments and healthy snacks. With this transaction, the fund is fully invested 28 months after its first closing.
Set up by an experienced team of global advertising and marketing professionals, Wingreens Farms aims to provide farmers and village women with a higher and more sustainable income by processing and marketing farm produce. Acting as a market creator, the company pioneered the fresh dips category in India and has since established a premium brand identity.
Following two previous funding rounds from Sequoia Capital, Wingreens Farms will use the proceeds of this third round for further investments in marketing, strategic acquisitions and the development of new product lines. At present, Wingreens products are sold in 1,300 modern trade stores and 6,500 general trade stores across over 60 Indian cities. The company plans to expand the distribution network to over 100 cities and a total of 10,000 stores over the next year.
Arjun Srivastava, Founder and Director, Wingreens Farms Private Limited said: “Starting off as a category creator in fresh dips in India to becoming a multi category company in just eight years, Wingreens has always been at the forefront of innovation. We are excited to have responsAbility as a partner to accompany our further expansion.”
responsAbility’s Akshay Dua, who will join the board of Wingreens Farms, said: “Wingreens represents the best in the coming-of-age Indian fast-moving consumer goods industry – creating world-class food products, with inclusion as part of its DNA. The founders’ experience in creating marquee brands in the past, coupled with a passion for making a difference in the agriculture sector, results in a strong, sustainable business model. We are very excited to partner with Wingreens and look forward to building one of the top food companies in the region.”
Rik Vyverman, Head of Agriculture Equity Investments at responsAbility explained: “We are pleased to have our first food and agriculture private equity fund to be fully invested 28 months after the first closing. In building our portfolio, we reviewed more than 1000 investment opportunities during this period. Especially in Asia, there is a massive opportunity for private equity in the food and agriculture space, with an emphasis on sustainability. Over the coming decade, Asians will have more disposable income than ever before. This will be driving a 3x growth in food consumption, with the supply unable to cope with the increased demand. We plan to be in market to raise our second fund in 2020, which will have a similar investment strategy.”
Wingreens Farms Private Limited
Wingreens Farms, incorporated in 2011 by Anju and Arjun Srivastava, is a leading player in India’s fast growing “Better for you” food and beverage market. Its products span over 200 SKUs and include a wide range of signature dips, spreads, sauces, pita chips and bakery products. Wingreens has a distribution footprint that spans multiple channels across over 150 cities in India.
Wingreens Farms’ mission is to develop an inclusive business model which addresses the biggest deadlocks that have paralyzed Indian society for centuries. Through demonstration and adoption of scientific farming techniques, Wingreens empowers farmers while providing them a stable source of income. The WIN of Wingreens stands for the Women’s Initiative Network which has brought underprivileged women out of their homes and empowered them and skilled them to make world class handmade food products. Wingreens has a unique integrated business model that starts from the farm and provides “Better for you” innovative products that meet the needs of the evolving new age consumer.
About responsAbility Investments AG (www.responsability.com)
A leading impact asset manager with a 16-year track record, responsAbility manages a range of investment vehicles that supply private debt and private equity to high-impact portfolio companies in the agriculture, energy and finance sector of emerging economies. Since the company's inception in 2003, responsAbility-managed funds have disbursed over USD 1 bn in financing to companies whose business models directly support the United Nation's Sustainable Development Goals (SDGs).
responsAbility has USD 3 billion of assets under management invested in 450 companies in 90 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.
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