Parsons Nutritionals Pvt Ltd, a local contract maker of packaged food and beverages, has received an investment of $84 million from Lighthouse Funds, an Indian growth-stage private equity fund.
Family offices, Evolvence India, HDFC AMC’s Fund of Funds, and the International Finance Corporation (IFC), a World Bank Group member, also took part in the funding round.
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Parsons was established in 2002 and produces ready-to-drink mixes, chocolates & confectionary, cookies, and biscuits. It recently ventured into the production of personal care products including soaps and shampoos. Patanjali Ayurved, General Mills, Mondelez India, and Britannia Industries are a few of its clients.
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With the first external capital it has ever received from a private equity investor, Parsons intends to expand its capacity for production both in its current and emerging product categories.
“Leveraging their extensive network and experience in the consumer space, we envision significantly expanding our presence in India and across global markets, ” Parsons Nutritionals CEO Swapandeep Mann said.
“On the back of strong tailwinds in the Indian manufacturing sector, we’re focused on doubling down on our capabilities and replicating the deep partnerships with many more premier brands,” Mann added.
About Parsons Nutritionals
Parsons Nutritionals Private Limited has emerged as a top contract maker in the food business. Its outstanding credit rating report demonstrates its ability to produce high-quality goods for a number of well-known businesses, such as Glaxo Smith Kline Consumer Healthcare Limited. The company has partnered with significant players including Britannia Industries Ltd., ITC Ltd., Mondelez International, Patanjali, and Meiji, but its primary focus is still producing Horlicks and boost biscuits for GSKCH.
