“The 100% acquisition of Safe Harvest has been done through a share swap transaction, alongside the closure of a Series D funding round led by investor Ashish Kacholia, with participation from Alchemy Fund,” Anju C Srivastava, co-founder and chief executive of Wingreens, said. The Series D round involves a cash investment of over ₹120 crore. The company has raised ₹556 crore in all, including this round.
Safe Harvest, founded by entrepreneur Rangu Rao in 2009 makes packaged cereals, grains, pulses, millets, flours, whole spices, cold-pressed oils, natural sugars and honey.
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Entrepreneur couple Anju and Arjun Srivastav founded Wingreens in 2011 which they subsequently expanded to include dips, sauces, spreads, mayonnaise, snacks, cereals, pasta, baked chips, muesli, granola bars and oats.
Arjun Srivastav said Wingreens turned EBITDA profitable in FY26, adding that the company is working toward a public listing in two years. Wingreens World reported revenue of ₹362 crore in FY 26 up from ₹289 crore in FY 25, regulatory filings showed. It had reported losses of ₹65 crore in FY24, compared to a loss of ₹180 crore in FY23.
Wingreens World’s other buyouts include Raw Pressery, Monsoon Harvest (later brand name changed to Wingreens Harvest) and Saucery.
The company has primarily four institutional investors – Sequoia, responsAbility Investments with participation of Sequoia, Investcorp with participation from Omidyar Network and now from Ashish Kacholia with participation from Alchemy. In between, the company raised funds from Family Offices and existing investors in bridge rounds.
Wingreens had acquired cold-pressed juices player Raw Pressery for ₹100 crore in 2021, and since expanded the label to a slew of no-added-sugar and low-sugar beverages including juices, iced tea, refreshers and protein shakes, amid rapidly changing consumer preferences.
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Recent months have seen a surge in M&As and significant consolidation in the consumer health and wellness space. Hindustan Unilever acquired plant-based nutrition brand OZiva (Zywie Ventures) for ₹824 crore, while Marico bought digital-first protein powder and functional foods maker Cosmix Wellness for ₹375 crore. Emami is acquiring 100% stake in aloe-pulp based beverage maker Axiom Ayurveda.