Delhi-based specialty food ingredients manufacturer, Veeba Foods has raised $6 Mn in series B round of funding led by investment firm DSG Consumer Partners and Saama Capital.
Veeba Food manufactures and markets a range of food ingredients like sauces, dips, emulsions & dessert toppings for QSR, pizza and bakery chains. The company counts Yum Brands, Domino’s Pizza, KFC, Dunkin Donuts, Taco Bell, TajSats and Pizza Hut as its customers.
The fresh funding will be utilized to expand its manufacturing capacity and to build a portfolio of packaged foods it can sell directly to customers.
Speaking on this development, Viraj Bahl, Founder and CEO of Veeba Foods said, “With the fresh capital infusion, we are excited to now enter the retail market in the near future with a range of unique products that will leverage our expertise in the sauces and dressings segment.”
Founded in 2012 by Viraj Bahl, the company is promoted by the Delhi-based Bahl family, which has been associated with the food processing industry since 1983. The company has a turnover of around $3 Mn (INR 18 Cr) and going to open a new plant in Neemrana in Rajasthan to cater better to its institutional clients.
“The food services industry is at a point of inflection and Veeba is well positioned to be a leading player with best in class product development, manufacturing and distribution addressing most key market segments, said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.