Sixth Sense Ventures invests Rs 100 crore in spices brand Pushp

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Sixth Sense Ventures, an investment firm that has backed startups like Bira91 and Vahdam Teas, has invested Rs 100 crore in the Indore-based spices brand Pushp. 

The investment comes from fund SSIO-III and marks a substantial move in the spices sector, which has been witnessing a lot of mergers and acquisitions (M&A) action recently.

Pushp’s market expansion and growth

Founded by Mahendra and Surendra Surana, Pushp has established itself as a leading brand in Central India. The company has expanded its reach from Madhya Pradesh to other states, including Maharashtra, Rajasthan, Uttar Pradesh, Bihar, and Gujarat.

The company claims to have recorded a 25% compound annual growth rate (CAGR) over the past five years. It now aims to evolve from a regional brand to a national brand.

The shift in consumer preferences

Nikhil Vora, Founder of Sixth Sense Ventures, in a LinkedIn post, said, the growing consumer preference for packaged, branded spices over loose, unbranded alternatives. 

He emphasized Pushp’s strategic position to capitalize on this shift, citing its seasoned management team, optimal procurement, state-of-the-art manufacturing, and robust distribution network. Vora also noted the evolution of spices from loose to packaged to blended, offering a pricing premium.

The spices market dynamics

The overall spices market is estimated at Rs 90,000 crore, with the organized and branded segment expected to grow to Rs 50,000 crore by 2025 at a 16% CAGR. The blended spices segment, which offers higher margins, is growing at a 25% CAGR. This growth caters to the new-age cooking and the increasing need for convenience.

Sixth Sense Ventures sees this as an opportunity for regional brands like Pushp to expand nationally, especially with the minimal presence of multinational corporations (MNCs) in this segment.

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Source: Indian Startup News

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sixth Sense Ventures invests Rs 100 crore in spices brand Pushp

Sixth Sense Ventures, an investment firm that has backed startups like Bira91 and Vahdam Teas, has invested Rs 100 crore in the Indore-based spices brand Pushp. 

The investment comes from fund SSIO-III and marks a substantial move in the spices sector, which has been witnessing a lot of mergers and acquisitions (M&A) action recently.

Pushp’s market expansion and growth

Founded by Mahendra and Surendra Surana, Pushp has established itself as a leading brand in Central India. The company has expanded its reach from Madhya Pradesh to other states, including Maharashtra, Rajasthan, Uttar Pradesh, Bihar, and Gujarat.

The company claims to have recorded a 25% compound annual growth rate (CAGR) over the past five years. It now aims to evolve from a regional brand to a national brand.

The shift in consumer preferences

Nikhil Vora, Founder of Sixth Sense Ventures, in a LinkedIn post, said, the growing consumer preference for packaged, branded spices over loose, unbranded alternatives. 

He emphasized Pushp’s strategic position to capitalize on this shift, citing its seasoned management team, optimal procurement, state-of-the-art manufacturing, and robust distribution network. Vora also noted the evolution of spices from loose to packaged to blended, offering a pricing premium.

The spices market dynamics

The overall spices market is estimated at Rs 90,000 crore, with the organized and branded segment expected to grow to Rs 50,000 crore by 2025 at a 16% CAGR. The blended spices segment, which offers higher margins, is growing at a 25% CAGR. This growth caters to the new-age cooking and the increasing need for convenience.

Sixth Sense Ventures sees this as an opportunity for regional brands like Pushp to expand nationally, especially with the minimal presence of multinational corporations (MNCs) in this segment.

Join our new WhatsApp Channel for the latest startup news updates

Source: Indian Startup News

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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