Wingreens Farms, a packaged food startup, is aiming to raise $4.3 million (INR 36.2 crore) in debt funding from over a dozen investors. According to the startup’s regulatory filing, Wingreens Farms will be allotting 957,216 compulsory convertible debentures (CCDs) to investors including S Gupta Family Investments, Saket Agarwal, Reena Singhal, and Sanjeev Agarwal. These CCDs will convert into Series C9 cumulative convertible preference shares (CCPS) at a 1:1 ratio.
Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens Farms sells a variety of packaged foods, such as healthy snacks, sauces, dips, breakfast cereals, non-dairy milk, and protein shakes. The startup has expanded its portfolio by acquiring brands like Raw Pressery, which it bought in a distress sale for INR 100 crore in 2021, and dips brand Saucery. It also acquired the snacks brand Postcard but has temporarily paused its operations with plans to relaunch it in the future.
To date, Wingreens Farms has raised approximately $59 million in funding and is backed by notable investors such as Peak XV Partners, Investcorp, and Anicut Capital. This debt funding round follows nearly two years after Wingreens raised INR 22 crore in a combination of debt and equity from Anicut Capital in September 2022. Previously, it secured $17 million from Investcorp in September 2021.
The company’s financial performance has seen mixed results. Wingreens Farms’ net loss nearly doubled to INR 180 crore in FY23 from INR 93 crore in the previous fiscal year, while its operating revenue increased by 50% to INR 307 crore from INR 205 crore in FY22. Reports indicate that Wingreens Farms is in the process of raising an additional $10 million funding round, having already secured a portion of this amount. Wingreens Farms competes with other startups like Veeba Foods and established FMCG brands such as Nestle, Amul, and Nissan.
