India’s iconic dairy brand, Keventers is planning to foray into the D2C space by starting its own e-commerce platform.
Agastya Dalmia, Founder & CEO, Keventers, said, “The pandemic was difficult for a lot of businesses, but we owed it to our consumers to keep the magic of Keventers alive. Today, we are focused on building direct-to-consumer formats through slow e-commerce, as well as relying on the expertise of the fast e-commerce channels like Swiggy and Zomato. To this end, over the last 2 months, we have already set up 80+ Keventers Ice Creamery dark stores across Delhi NCR, Mumbai, Pune, Kolkata, Jaipur, Chandigarh, Ludhiana, Lucknow, and Bhubaneswar, and have plans in place to steadily scale across the country in the next 6-9 months.”
Keventers is also set to expand its dessert footprint pan India with the launch of its new ‘Ice Creamery’ brand that will have 6 exciting and fun ice cream flavors, including Belgian Chocolate, Alphonso Mango, Triple Chocolate, Mocha Almond Fudge Brownie, Exotic Strawberry, and Blueberry Cheesecake. The brand has solidified its presence in the dessert space by launching a new product range to the portfolio.
The brand has always been a trend-setter in the F&B space when it comes to product and packaging design, with their iconic glass bottles and sundae jars. Its new ice cream packs are set to continue this trend with colorful illustrative artworks along with its recently launched brand mascot Mr. K. The mascot is a modern-day embodiment of the visionary who started it all, Mr. Edward Keventers. Keventers is also the only major player in the ice cream market that is using sustainable paper packaging.
Speaking on the new product launch, Dalmia added, “After successfully launching Keventers ice-cream packs 2 years ago and piloting them across Delhi NCR, we are very excited to announce this latest development from the brand. We have worked very hard to keep the legacy of Keventers going and ‘Keventers Ice Creamery’ reflects another step forward towards expanding our presence pan India and diversifying our dessert portfolio.”
The product retails for Rs 94 for a 100 ml cup and at Rs 313 for a 450 ml tub. While Keventers is currently working on launching its own e-commerce platform, thereby entering the D2C space, its Ice Creamery brand already has widespread coverage across the above-mentioned cities on the Zomato and Swiggy platforms.
Convergent Finance LLP and Samara Capital have jointly declared the finalization of definitive documents for acquiring a 51.8 percent stake in Agro Tech Foods Limited (ATFL) from a subsidiary of Conagra Brands, Inc. ATFL, a listed company on the Bombay Stock Exchange and the National Stock Exchange, will undergo a mandatory open offer for an additional 26.0 percent of outstanding shares due to this acquisition. The deal is pending customary regulatory approvals and is anticipated to be completed in due course.
Conagra has been a controlling shareholder of ATFL since 2011, and during its tenure, ATFL expanded its food portfolio, featuring renowned brands like ACT II popcorn and Sundrop edible oils. Both brands are leaders in their categories, catering to both in-home and out-of-home consumption. ATFL will retain the license for the ACT II brand from Conagra for use in India.
Harsha Raghavan, Managing Partner at Convergent Finance said, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.”
Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital said, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.”
Convergent Finance LLP, known for its investment management and advisory role, follows a value investing approach, emphasizing fair valuations through negotiated transactions. Samara Capital, founded in 2007, is a mid-market private equity firm in India with a focus on creating long-term value in partnership with entrepreneurs. Consumer and Retail form a significant focus area for Samara.
Conagra Brands, Inc, headquartered in Chicago, is a leading North American branded food company with a portfolio of iconic brands, including ACT II, Birds Eye, Duncan Hines, Healthy Choice, and Marie Callender’s, among others. The company is driven by a commitment to innovation and evolving to meet changing food preferences.
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