Prakash Snacks raises $30 Million in Series A Funding
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Prakash Snacks raises $30 Million in Series A Funding
Indore: Sequoia Capital invests $30 million in Indore-based Prakash Snacks for an undisclosed stake. It is the first round of funding for the company that owns the Yellow Diamond brand of potato chips. VT Bharadwaj and G V Ravishankar of Sequoia Capital have join the board of Prakash Snacks. Established in 2002, Prakash Snacks is a part of renowned group of companies, BCM Group, having interest in finance and real estate business, the company has started its operation a few year back and in a short span of time, it has established Yellow Diamond. Prakash Snacks is engaged in manufacturing of packaged food and snacks under the brand name Yellow Diamond. Its products include potato chips, puff biscuits, wafers, fruit juices and snacks. Since inception, the company has been witnessing a steady growth in terms of its revenue and profit. The company plans to use the fund to add a range Indian namkeen and expand production capacities at its manufacturing plant in Indore. Amit Kumar, CEO and Managing Director, Prakash Snacks said that they began doing some job work in the snack foods category and gathered 22 lakh in the first year which gave them an idea to conceive the business. He further added that the company had no real need for capital. They foresee their contribution to the firm in bringing in systems and processes that will help cope up with the fast growing business. VT Bharadwaj, Managing Director, Sequoia Capital, said that local brands in the food business offer a huge investment opportunity with snacks being the fastest growing category. The deal also focuses on the growing traction for private equity funds in India's smaller towns and cities. Other major players in this segment are Parle Agro's Hippo. ITC's Bingo, Haldiram, Kurkure, PepsiCo's Lays and many more.

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