Sixth Sense Ventures injects Rs 100 crore into the spices brand Pushp
Investment firm Sixth Sense Ventures, known for supporting startups like Bira91 and Vahdam Teas, has injected Rs 100 crore into Pushp, a spices brand based in Indore. This funding, sourced from the SSIO-III fund, represents a significant development in the spices sector, which has been experiencing notable mergers and acquisitions (M&A) activities lately. Pushp, founded by Mahendra and Surendra Surana, has emerged as a prominent brand in Central India and has extended its presence from Madhya Pradesh to other states, including Maharashtra, Rajasthan, Uttar Pradesh, Bihar, and Gujarat.
The company asserts that it has achieved a 25% Compound Annual Growth Rate (CAGR) over the last five years and is now targeting a transition from a regional brand to a national one. In a LinkedIn post, Nikhil Vora, the Founder of Sixth Sense Ventures, highlighted the increasing consumer inclination towards packaged and branded spices instead of loose, unbranded options. He underscored Pushp's strategic readiness to leverage this trend, pointing to its experienced management team, efficient procurement practices, advanced manufacturing facilities, and strong distribution network.
Vora also observed the progression of spices from being sold loose to being packaged and blended, providing an opportunity for premium pricing. The total spices market is valued at Rs 90,000 crore, and it is anticipated that the organized and branded segment will reach Rs 50,000 crore by 2025, growing at a Compound Annual Growth Rate (CAGR) of 16%. The blended spices category, known for its higher profit margins, is experiencing even more rapid growth at a CAGR of 25%. This expansion is aligned with modern cooking trends modern cooking trends and the growing demand for convenience. Sixth Sense Ventures views this as a chance for regional brands like Pushp to expand nationally, particularly considering the limited presence of multinational corporations (MNCs) in this sector.
Sixth Sense Ventures stands as India's inaugural domestic, consumer-centric venture fund, established by Nikhil Vora, recognized as one of the most astute analytical minds in the country and formerly the Managing Director of IDFC Securities. The venture boasts a robust founding team and an influential Centre of Excellence Board. The core team collectively possesses more than 70 years of experience in the broader consumer domain.
The company asserts that it has achieved a 25% Compound Annual Growth Rate (CAGR) over the last five years and is now targeting a transition from a regional brand to a national one. In a LinkedIn post, Nikhil Vora, the Founder of Sixth Sense Ventures, highlighted the increasing consumer inclination towards packaged and branded spices instead of loose, unbranded options. He underscored Pushp's strategic readiness to leverage this trend, pointing to its experienced management team, efficient procurement practices, advanced manufacturing facilities, and strong distribution network.
Vora also observed the progression of spices from being sold loose to being packaged and blended, providing an opportunity for premium pricing. The total spices market is valued at Rs 90,000 crore, and it is anticipated that the organized and branded segment will reach Rs 50,000 crore by 2025, growing at a Compound Annual Growth Rate (CAGR) of 16%. The blended spices category, known for its higher profit margins, is experiencing even more rapid growth at a CAGR of 25%. This expansion is aligned with modern cooking trends modern cooking trends and the growing demand for convenience. Sixth Sense Ventures views this as a chance for regional brands like Pushp to expand nationally, particularly considering the limited presence of multinational corporations (MNCs) in this sector.
Sixth Sense Ventures stands as India's inaugural domestic, consumer-centric venture fund, established by Nikhil Vora, recognized as one of the most astute analytical minds in the country and formerly the Managing Director of IDFC Securities. The venture boasts a robust founding team and an influential Centre of Excellence Board. The core team collectively possesses more than 70 years of experience in the broader consumer domain.
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