Innovative Foods Ltd. to raise Rs 60 crore for frozen foods segment.

Frozen foods maker Innovative Foods Ltd. (IFL), owner of the Sumeru brand which makes frozen fries, sausages, paranthas and prawns, is looking to raise a fresh round of funds of Rs. 50-60 crore for brand development, retail expansion and technology upgrade to make the most of the rapidly growing frozen foods category. . IFL, owned by India Equity Partners (IEP), and supplier of frozen foods to top quick-service restaurant chains including Domino's, Dunkin Donuts, Cafe Coffee Day, McDonald's and Subway, may bring in additional equity or raise the money through another investor through a share sale, a top official said.

'The business plan is with IEP and it is being considered whether to bring in additional equity or to raise the money through another investor through a share sale,' Kannan Sitaram, chief executive officer at IFL and operating partner at IEP, said.

Sumeru is the third largest frozen foods brand in the country after McCain and Godrej Tyson Foods' Yummiez. Fuelled by increased distribution, better cold storage facilities, modern retail and convenience, the frozen foods market is growing at 20% on the existing market size of about Rs. 2,000 crore.


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