JM Financial Private Equity through its arm JM Financial India Growth Fund III on Wednesday invested Rs 40 crore in Asquare Foods and Beverages, the parent company of the direct-to-consumer spice brand Zoff.
The fresh capital infusion from JM Financial Private Equity will be used to strengthen brand-building efforts, enhance the existing production capacities, and bolster the company's offline distribution network, the company said statement.
"We strongly believe that Zoff can emerge as one of the leading spices brands in the future," Darius Pandole, Managing Director & CEO of Private Equity & Equity AIFs at JM Financial said.
Zoff was founded by brothers Akash and Ashish Agrawal.
JM Financial Private Equity, part of the JM Financial Group, manages several funds that focus on providing growth capital to high-potential Indian companies.
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