Exclusive: Wingreens Farms To Raise $4.3 Mn Debt Funding

Packaged food startup Wingreens Farms is looking to raise $4.3 Mn (INR 36.2 Cr) in debt funding from over a dozen investors. 

As per the startup’s regulatory filing, Wingreens Farms is allotting 9.57 Lakh (9,57,216) compulsory convertible debentures (CCDs) to S Gupta Family Investments, Saket Agarwal, Reena Singhal, Sanjeev Agarwal, among others. 

The CCDs will be converted into Series C9 cumulative convertible preference shares (CCPS) in a 1:1 ratio.

A questionnaire sent to Wingreens Farms didn’t elicit any response till the time of publishing this story. 

Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens Farms sells packaged foods like healthy snacks, sauces, dips, breakfast cereals, non-dairy milk, and protein shakes. 

The startup also acquired brands like Raw Pressery and dips brand Saucery. It acquired juice brand Raw Pressery in a distress sale for INR 100 Cr in 2021. Later, it also acquired snacks brand Postcard. However, as per an ET report from earlier this year, Wingreens Farms has put Postcard operations on hold temporarily and intends to bring back the business in a different avatar in the future.

Wingreens Farms has raised around $59 Mn in funding till date and counts the likes of Peak XV Partners, Investcorp, and Anicut Capital among its backers. 

The debt round comes nearly two years after the startup raised INR 22 Cr in a mix of debt and equity from Anicut Capital in September 2022. Prior to that, it raised $17 Mn in September 2021 from Swiggy backer Investcorp. 

Wingreens Farms’ net loss almost doubled to INR 180 Cr in the financial year 2022-23 (FY23) from INR 93 Cr in the previous fiscal year. Operating revenue rose 50% to INR 307 Cr from INR 205 Cr in FY22. 

As per reports, Wingreens Farms is in the middle of raising a $10 Mn funding round and has already raised a part of this. 

Wingreens Farms competes with startups like Veeba Foods and established FMCG brands like Nissan, Nestle, and Amul.