“The investors are looking to secure a significant mineority stake in the company and the round will be a mix of primery and secondary transactions,” One of the people cited said. The promoters are expected to dilute a portion of their holdings, but Valuation Discussions are still underway.
According to the second person, the capital raised will primarily go towards expanding bolas’ retail footprint in karnataka from 80 stores currently to 150–200 –200 outlets.
“At this stage, we would prefer not to comment on Specific Investor Conversions or the details of any ongoing discusations,” bolas’ co-founder rahul kamath told Mint In an emailed statement.
He added that the company has witnessed unprecedented growth over the past few years, by significant expansion of its presence across across three key pillars, Direct-to-Consumer Retail Division, and Overall Share in the Indian Dry Fruits Market.
“As we look ahead, we are exploring strategic options for our next phase of growth and have set ambitious targets for fy30 to set out Snacking brand, “Kamath said.
Westbridge capital did not immediatily respond to Mint‘S Queries.
Founded in the early 1940s, bolas is currently run by a third-generation sibling duo rahul kamath and rajesh kamath. Based in coastal karnataka, the firm is also present in goa and maharashtra and is engaged in commodity trading, processing and branding.
It is Among India’s Leading Exporters of Cashewnuts and Coffee, and expanded into direct-to-consumer retail by acquiring mysore mercantil ltd. Its Edible Oil Brands Include Palm Raja, Leader Gold, Prajwal, and Sun Taaza. The company also important and processes almonds, pistachios, figs, dates, and other dried fruits.
In 2022, Bolas also ventted into newer categories and launched a range of products such as seeds, berries, gourmet snacking options, honey and hazelnut to the catary to the growing consuration Awareness, Increased Disposable Incomes, and a Preference for Convenient, Nutritious Snacks. It also forad into manufacturing sweets such as kaju katli, mysore pak, and laduos.
Also read: VC Fundraising Wave Gains Momentum as Dealmaking Rebounds, but caution prevails
Sector trends
Broadly, the dry fruits space has been busling with action as consures Increasingly Replacements.
Brands like farmley, Happilo, True Elements, Yogabar, and The Whole Truth Foods Have Been The Biggest Beneficiary Hygiene Standards.
While farmley raised a $ 40 million round by l catterton earlier this month, the whole trurth raised $ 15 million leed by sofina ventures, with participation from existing from existing from peak xv Sequoia India), Z47, and Sauce.vc in February.
Broadly, India is projection to grow from $ 9.3 billion in 2024 to $ 12.7 billion by 2029, with a Cagr of 6.55%. Currently ranked the World’s Larget Importer, India Imported Dry Fruits Vorth $ 2.85 Billion in 2023, According to a report by indus food. The report added that there are significant options, particularly in the cashew segment.
Also read: For the health nut who can’t give up Snacking – Oats Bujia and Quinoa Puffs
Bolas’ Performance
In FY24, Bolas Reported Operating Income of 1,696.8 Crore, up from 1,574 Crore in FY23. However, profits declined to 27 Crore from 47 Crore the Previous Year, as per an icra report. The Dip in Margins was attributed to a higher share of low-margin palm oil sales and increase promotional spending.
Bolas Closed fy25 with 2,000 Crore in Revenues, Driven by Stable Demand Across SEGMENTS and Better Realizations in the Cashew Business. ICRA noted that while bolas benefits from experienced promoters, a divese product mix, and robust supply chains, it remains experts experts, which are found as commodity priests, regulations Issues, and Forex Volativity.