Based in Karnal, Haryana, Dunar exports basmati rice to the Middle East, Europe and the US. Over the past decade the business has emerged as one of top ten players in the industry under the leadership of entrepreneur Surender Gupta.
“We are delighted to be part of Dunar family, an organisation built on passion for execution excellence, and strong business values,” Gopal Srinivasan, a managing director at TVS Capital, said in a statement.
“We believe in the company’s growth potential, because of the global branded rice business and the opportunity to scale the Indian retail business. Dunar is the tenth investment from the fund, which brings us close to the completion of investing from Fund IA.”
TVS’ Shriram Growth Fund IA invested INR500m ($10m) in the deal. The vehicle targets mid-cap companies with revenues of up to INR2.5bn that require growth equity capital, and typically invests between INR400m INR600m.
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