Convergent Finance LLP announces USD14.1 mn investment in Jyoti International Foods
Mumbai: Convergent Finance LLP, the investment advisors to Infinity Investment Management, announced an investment of INR 1,070 million ($14.1 million) in Jyoti International Foods (‘Jyoti’), one of the leading companies providing end-to-end Supply Chain solutions to the Indian food services industry, for a significant minority stake. The investment, to be disbursed over a period, will be used for technology upgradation and new market development besides as an equity tap to undertake M&As and business expansions.
At the moment, Jyoti is well positioned to become India’s leading Supply Chain Management company, serving a wide range of customers within the Food Services / HORECA Industry including quick-service restaurants (QSRs), cloud kitchens, cinemas, etc. The company also provides a variety of Supply Chain and Distribution solutions, ranging from managing end-to-end logistics (from primary transportation to the last-mile delivery), warehousing, procurement planning and various other value-added services. Since inception in 2005, the company has built an impressive track record of operation and esteemed clientele including Subway, Rebel Foods, Cinepolis, Chili’s, Holiday Inn among others, across 150 plus cities in 25 states across the country.
Akhil Puri, Managing Director of Jyoti, welcomed the investment, saying, “We are really excited and look forward to this new partnership which will assist and guide us to scale up our business, thereby enabling us to become the market leader in providing world-clas end-to-end SCM solutions. We intend to draw upon the deep expertise of the Convergent team in M&As.”
Remarked Suresh Talreja, Executive Chairman of Jyoti, “The Food Service industry has been evolving rapidly over the last couple of decades, with international and domestic brands providing nutritious, hygienic and quality food products consistently to the Indian consumer in both dine-in and delivery modes. We are confident that with the investment as well as the management support from Convergent, we will be well-positioned to enhance our range of services and expand our network to serve larger number of customers.”
Commenting on the investment, Sarvjit Singh Bedi, Partner at Convergent said, “We have been very impressed by Jyoti’s performance under the leadership of Suresh and Akhil, both pioneers in the Supply Chain Management for the food services industry in India. Under their leadership, Jyoti is superbly positioned to consolidate the fragmented food logistics and distribution industry, helping it achieve better quality and delivery of fresh food, consistently to every customer across India.”
Harsha Raghavan, Managing Partner at Convergent, said, “We are delighted to have this opportunity to work closely with Suresh and Akhil, both very talented entrepreneurs and professionals. Given our track record of working with great platform companies to help transform them into global leaders, Jyoti will benefit from our network of relationships, strategic insights and operational expertise.”