Packaged food startup Wingreens Farms acquires 100% stake in Bengalure-based snacks startup Postcard
- ByStartupStory | April 30, 2022
Leading packaged food startup Wingreens Farms is now acquiring a 100% stake in Bengaluru-based snacks startup Postcard. Postcard was founded by Ashish Nichani in 2019 and they offers a wide array of Indian snacks through its website. This will also be the first acquisition of 2022 by the Sequoia Capital-backed startup.
Wingreens Farms will acquire Dharmya Business Ventures Private Limited, the parent company of Postcard, for approximately USD 2.1 Million in a combination of cash and share swap deal. The acquisition is expected to help Wingreens Farms further increase its product portfolio under its ‘Wingreens World.’ The postcard is known for selling localised snacks in packages. Some of its major offerings include Mysuru Murukku, Andhra Ginger Pickle, Kolhapuri Bhadang, Jamnagar Kachori, among others.
Wingreens Farms had also made headlines earlier when they acquired Saucery, Raw Pressery and Monsoon Harvest. As part of the deal, the packaged food startup will be acquiring equity shares from Ashish Nichani and Metla Sudarsan, the promoters of Dharmya Business Ventures, for approximately Rs 1.8 Crore.
In a meeting recently held, the board of Wingreebs farms also passed a resolution to allot 1.4 lakh equity shares valued around Rs 14.1 Crore to the promoters and shareholders of Dharmya Business Ventures. The new acquisition of Postcard is in line with Wingreens Farms’ aspiration and dream of becoming a house of brands in packaged foods.
Follow Startup Story
Related Posts
