India: Wingreens acquires Safe Harvest

Wingreens, the Indian packaged food and beverage company, has acquired domestic organic food brand Safe Harvest in an all-stock share-swap deal.

Alongside the acquisition, Wingreens has raised 120 crore INR ($14.4 million) in a Series D funding round led by investor Ashish Kacholia, with participation from Alchemy Fund. The company stated that the capital will be used to fuel new product launches, strengthen its distribution and supply chain, and deepen ties with its agricultural suppliers. Safe Harvest works with over 100,000 farmers across India via self-help groups and farmer producer organisations to deliver verified pesticide-free commodities, spanning grains, pulses, flours, spices, and honey.

Following the transaction, the Wingreens group aims to expand its clean-label presence and targets a public listing within the next two years.

Source: YourStory / Fortune India