SRAM and MRAM invests in TN based organic products firm
New Delhi [India], Jan 24 (ANI-NewsVoir): UK based firm has invested an undisclosed amount in Sapthagiri Pee Gee Pvt. Ltd. The firm is in organic food business and is eyeing to tap a large market soon.
Chennai – based organic product firm Sapthagiri Pee Gee Pvt. Ltd. has raised an undisclosed sum in Series A funding from UK based SRAM and MRAM Technologies and Resources Limited in a crowd sourcing exercise. This is the first closure announcement and more funds are expected to be raised as part of this round.
At a function organized to facilitate the Funding arrangement a very ecstatic G. G. Sekar (a former MP and MLA from Dharmapuri District in Tamil Nadu in India and the Managing Director of Sapthagiri PEE GEE) confirms the deal and said that the funds will be used for buying additional land for organic farming, marketing expenses, opening more physical outlets, scaling up its online shopping portal and also its restaurant division.
Founded in 2002 by G. G. Sekar, SevenHills runs a fruit crushing and pulp manufacturing venture in Tamil Nadu, India. Its fruit pulp is exported to different countries and is sold to the local juice manufacturers as well.
Initially set up in Tamil Nadu, Seven Hills has plans to put up additional manufacturing bases in Maharashtra and also later at Indonesia to leverage the growing demand for organic products in the latter.
All its farm produce will be used as ingredients in the dishes served at its restaurant, besides being sold under its private label 'SevenHills'. It plans to enter the bakery products business and will introduce its own brand of perishables that include pickles, sauces, jams, syrups and cookies. Currently SevenHills farms vegetables, fruits and poultry products in about 30 acres of land spread across Tamil Nadu, Kerala and Maharashtra in India and also in Cambodia. The company is about to close a deal to purchase 25 acres of farm land in Tamil Nadu as part of its expansion initiatives. SevenHills also works with other farms for its additional requirements and stocks products of other certified organic product partners in its stores.
SevenHills plans to have three physical stores in Mumbai, Jakarta and Phnom Penh, Cambodia, besides an online store where customers can place orders and get them delivered. By the end of 2017, SevenHills plans to open five more stores.
G. G. Sekar added that, "The company is expected to break even in the next nine to twelve months".
S. L. Hiranandani, founder chairman and Managing Director, SRAM MRAM Technologies and Resources Limited, and one of the venture's early angel investors, said that, "The organic sector works on the basis of trust and even a small deviation in the production process can impact quality".
SRAM and MRAM enables angel investment in startups based in tier two and three cities working in the areas of agriculture, biotechnology, information technology and related fields. (ANI-NewsVoir)