Indian sweets and snacks brand Haldiram has entered the Indian startup ecosystem with an undisclosed investment in Mumbai-based integrated incubator Venture Catalysts (Vcats). The company is looking to work with startups in the consumer packaged goods (CPG).
“We want to share the knowledge acquired over the years and contribute to the burgeoning startup ecosystem in the country,” said a Haldiram spokesperson in a media statement.
With an estimated value of about $50 Bn, India’s fast moving consumer goods (FMCG) sector is growing at a rate of 7-10%, a large part of which is the CPG category. Vcats now plans to invest in 10-15 potential relevant CPG startups in the next 12 to 24 months. Vcats said the funds have already been strategically allocated to strengthen the team, processes and presence of the incubator.
“This will ensure the creation of an ecosystem built to suit the needs of the CPG industry. The alliance with Haldiram sets a benchmark for other enterprises to enter into active collaborations that look to empower the startup ecosystem,” said Apoorv Ranjan Sharma, founder.
According to Sharma, the Haldiram growth story and the way in which the company has built an empire in the food industry, are ideal examples for the startups Vcats is incubating.
“It is our belief that this collaboration with Haldiram will give our CPG startups the knowledge, confidence and resource opportunities to achieve robust growth and scale quickly,” Anuj Golecha, cofounder of Venture Catalysts said.
“Haldiram has already started shortlisting companies which they want to start helping,” Golecha added.
VCats is one of the largest early-stage Incubators across Asia and is now planning to step this up with a stronger global footprint, having recently entered the UK market as well. The incubator has earlier made investments in brands like men’s grooming brand Beardo, female hygiene startup PeeSafe and herbal energy drink FYRE.