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“Source:- IBEF”
Convergent Finance LLP, the Mumbai based private equity fund, invested Rs 107 crore (US$ 14.1 million) in Jyoti International Foods, an end-to-end Supply Chain solution provider in Indian food services industry, for acquiring a minority stake.

According to company’s statement, this investment will be utilised for technology upgradation and new market development besides as an equity tap to undertake mergers and acquisitions (M&As) and business expansions plans.

Jyoti offers it service to a wide range of customers within the food services, quick-service restaurants (QSRs), cloud kitchens and cinemas. It also provides a variety of solutions – managing end-to-end logistics, warehousing, and procurement planning. The company was set up in 2005 and has clientele including Subway, Rebel Foods, Cinepolis, Chili’s, Holiday Inn among others, across 150 plus cities in 25 states across the country.

“We are really excited and look forward to this new partnership which will assist and guide us to scale up our business, thereby enabling us to become the market leader in providing world class end-to-end SCM solutions. We intend to draw upon the deep expertise of the Convergent team in M&As,” said Mr Akhil Puri, Managing Director of Jyoti.

“Given our track record of working with great platform companies to help transform them into global leaders, Jyoti will benefit from our network of relationships, strategic insights and operational expertise,” said Mr Harsha Raghavan, Managing Partner at Convergent.

Convergent Finance acquired a minority stake in Hindustan Foods Limited, a contract manufacturer for the FMCG industry, in February last year, as its debut deal. Hindustan Foods manufactures a range of products in food and non-food, extending to cosmetics, personal care, and home care products.

Convergent is led by Mr Harsha Raghavan, an industry veteran who previously founded and led Fairfax’s investment activities in India.