Wingreens Farms Buys Raw Pressery at Rs 100 cr Valuation

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.