Cold press juice brand, Raw Pressery, is looking at raising $10 million in fresh fundings over the next three months to fuel its expansion plans, a top company official has said.
Anuj Rakyan, Founder & MD, Raw Pressery, told PTI, "Over the next three months, we should be closing another round of funding. We are planning to raise around $10 million."
The Mumbai-based beverage firm, that also makes smoothies and soup, is planning to set up a manufacturing unit in Nashik next year, which will enhance its capacity by four times.
Rakyan said, "Next year we can look forward to a much larger capacity and also bigger cold storage for our sourcing facilities. The facility that we are looking to build in Maharashtra next year should be capable to take us through another 2-3 years before we set up something in the North."
He added, "The investment for Nashik facility would be in the range of $2-3 million. The capacity expansion would be at least 4x of what we are at today. We should be able to do 3.5 million units a month."
The company will also be spending $3-5 million over the next 12-18 months, with a focus on digital and marquee sponsorship of events.
It has recently forayed into the UAE with a view to tap the Gulf Cooperation Council countries and plans to set up a manufacturing plant there in future.
Rakyan added, "There will be a manufacturing set-up but we would start thinking about it only 12 months later and I would assume over the next three years, exports should be at least 15-20 percent of our topline."
Wingreens Farms, dips and sauces maker, has acquired cash-strapped cold-pressed juices startup Raw Pressery at a valuation of Rs 100 crore. This agreement will help Wingreens Farms expand its product portfolio to cold-pressed juices, and aid Raw Pressery’s turnaround.
Arjun Srivastava, Co-Founder and Managing Director, Wingreens Farms, said, “The existing investors in Raw Pressery have got a share swap and are now on Wingreens cap table. The Founder (of Raw Pressery) was paid cash (for his shares) and has fully exited.”
The total enterprise value of the company stands at around Rs 120 crore.
The deal is at a huge discount from Raw Pressery’s valuation of Rs 500 crore two years ago when it last raised capital of Rs 65 crore from existing backers. Its investors include Sequoia Capital, Saama Capital, DSG Consumer Partners, and Alteria Capital. So far, it has raised Rs 150 crore in funding from these investors.
Founded in 2013 by Anuj Rakyan, Raw Pressery has been looking to contain losses and turnaround the business for more than a year. During the year ended March 31, 2018, its last annual filing, Raw Pressery reported a loss of Rs 48 crore on a Rs 33 crore revenue.
Alteria Capital has invested Rs 33.5 crore (around $5 million) in organic cold-pressed juice and beverage maker, Raw Pressery. The investment includes both equity and venture debt from Alteria Capital, a first-time move for venture debt firm.
Alteria currently has commitments of Rs 550 crore with anchor investments from IndusInd Bank, SIDBI and a large domestic family office foundation. Earlier, Alteria had invested in startups like ready-to-cook meal brand Fingerlix, education technology platform Toppr and Universal Sportsbiz.
Vinod Murali, co-founder and managing partner of Alteria Capital, said, “We are seeing increasing interest in the Indian consumer segment and this investment is aligned with our belief that strong, Indian consumer brands backed by venture capital are going to create massive outcomes in the medium to long-term”.
Founded in 2013 by Anuj Rakyan, Raw Pressery will use the new capital for expanding distribution domestically and internationally in the Middle East and South East Asia.
Anuj Rakyan, founder and CEO of Raw Pressery, said, “The Alteria team has always been very supportive of our vision and growth plans. The additional equity infusion will also provide a huge boost to us and we are excited with this partnership”.
In a bid to expand global market footprints, Organic cold-pressed juice and beverage maker Raw Pressery has confirmed to have secured an existing capital of Rs 65 crore (about $10 million) from Sequoia Capital, Saama Capital, and DSG Consumer Partners.
The four-year-old beverage maker is also in talks with family offices and institutional investors to raise an additional $5 million as part of this funding round, which is likely to close in the next 1-2 months.
With this, the total capital raised by the firm stands at about Rs 152 crore, not counting the $5 million (Rs 34 crore) that it is yet to finalise.
Raw Pressery had last raised $6 million from the three existing investors in October 2017.
Founded in 2013, the Mumbai-based consumer startup is looking to use the capital to expand its international footprint to Southeast Asia as also strengthen its distribution and supply chain as it looks to scale new offerings.
“We are looking to start a pilot of our operations in Southeast Asia starting with Singapore and then Kuala Lumpur. We will go live in these markets next year,” CEO Anuj Rakyan said. RAW Pressery is also in the process of setting up a production plant in West Asia to expand its recently launched operations in Qatar, Abu Dhabi, and Dubai.
The firm has also been receiving investor interest from global strategic players and family offices and is likely to close a larger round of investment by FY19-end.
Raw Pressery claims to have grown 120% in FY18 and is looking to grow revenues by about 112% in FY19. The ‘clean-label beverage’ brand is also looking to expand its retail touch points in India to 6,000 by FY19 end from the current 2,000 that it is available in.
The firm, which is also looking to introduce alkaline water later this year, is targeting a turnover of Rs 100 crore over the next two years, aiming to grow over 6 times since FY17.
Juices and smoothies, which form about 90% of the revenues, is the core business for RAW Pressery, which has introduced newer categories including nut milk and soups.
For FY19, expanding the distribution reach for its non-dairy product line including almond milk as also its probiotic range under dairy will be the key growth focus for RAW Pressery as it looks to scale these new categories internationally.
“We have built a lot of defensive moats including our sourcing back-end, own supply chain, intellectual property (IP) and branding. That has helped us scale significantly and meet about 96% of our revenue projection for FY18,” said Rakyan.
RAW Pressery clocked Rs 15.1 crore in operational revenues for FY17 reflecting a strong growth of about 140% from Rs 6.3 crore in FY16, according to financial documents filed with the registrar of companies.
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