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Wingreens Farms to acquire snacks brand Postcard for $2.1 M

INC42  

Gurgaon-based packaged food startup Wingreens Farms is acquiring a 100% stake in Bengaluru-based snacks startup Postcard. Wingreens will acquire Dharmya Business Ventures Pvt Ltd, the parent company of Postcard, for around USD 2.1 million (over INR 15 Cr) in a cash and share swap deal. Ashish Nichani and Metla Sudarsan, the promoters of Dharmya Business Ventures, will receive around INR 1.8 crore. Postcard sells localised snacks that include Kolhapuri Bhadang, Mysuru Murukku, Andhra Ginger Pickle, and Jamnagar Kachori. The development comes almost five months after Wingreens Farms raised around USD 17 million in a Series C round led by Investcorp. Its existing investor Omidyar Network India also participated in the funding round. In its Series B funding round, Wingreens Farms had raised USD 17 million from Sequoia Capital India and Investments AG. In December last year, Wingreens had acquired Monsoon Harvest, a Coimbatore-based cereal brand. Prior to that, it also acquired Saucery, a Mumbai-based dips brand. The startup acquired organic juice startup Raw Pressery at a valuation of INR 100 crore in March last year.