RTE company ADF Foods gets an investment of $10 mn from Sixth Sense Ventures
- ByStartupStory | May 31, 2022
Sixth Sense Ventures invests $10 million in RTE company ADF Foods Limited. By focusing on ethnic food stores throughout the world, ADF Foods is challenging the $450 billion global RTE business. The rising Indian diaspora globally, westernisation of ethnic food, greater shift to nuclear families, and increasing work hours are all driving category development. This, together with the Indian government’s push to incentivize local manufacturing as part of a PLI plan, has given the food processing industry a boost.
ADF is a prominent manufacturer and exporter of eight privately held RTE food brands that include frozen food, spices, condiments, pastes, sauces, and so on. In their 50+ years of business, they have constructed three production facilities (capacity of 28,000MT), a distribution network of 180+ distributors, and a presence in more than 50 countries. They have expanded their distribution network by adding Patanjali Ayurved Limited and Unilever product offerings in the United States, United Kingdom, and Western Europe.
Bimal Thakkar, MD and CEO of ADF Foods said that they are thrilled to welcome Nikhil Vora and his colleagues at Sixth Sense Ventures on their growth path. The company is at a crossroads with various growth levers and is well-positioned to deliver a compelling value proposition to the rising Indian diaspora. Nikhil is a veteran when it comes to investing in consumer-driven businesses, and while this is a secondary investment, ADF Foods will benefit immensely from his experience and understanding of the industry.
Nikhil Vora of Sixth Sense Ventures stated that their investment in ADF Foods is consistent with their investment strategy of focusing on first-generation founders disrupting huge categories for future customers. ADF’s unique offering of focusing on ethnic cuisine in developing Western countries, along with distribution synergies by supplying Unilever and Patanjali goods in the US, opens up enormous prospects. The collaboration with ADF validates conviction in their excellent business economics, execution ability, and insightful leadership. The firm is pleased to work with Bimal Thakkar and his team as they carve out a position in the worldwide RTE industry.
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