GRM Foodkraft, the subsidiary of GRM Overseas, has a presence in online and offline retail as well as the D2C segment. It has over 52 Distribution Centres (DCs).
Share Market News: Shares of GRM Overseas jumped over 5 per cent during morning deals on Monday. GRM Overseas shares opened at Rs 188.45 apiece on the National Stock Exchange (NSE) and went on to touch an intraday high of Rs 198 apiece. Meanwhile, agro products major GRM Overseas has offloaded around 3 per cent stake in its subsidiary company GRM Foodkraft Pvt. Ltd. The company in a regulatory filing said that it has sold out its stake in GRM Foodkraft to consumer-focused venture capital fund Sauce.vc.
However, they have not disclosed the deal amount. Sauce has also acquired an additional 1 per cent stake from other shareholders.
“We are delighted to welcome Sauce.vc as a strategic investor. We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new age brands by the Sauce team,” said Atul Garg, MD, GRM Overseas Ltd.
GRM Foodkraft, the subsidiary of GRM Overseas, has a presence in online and offline retail as well as the D2C segment. It has over 52 Distribution Centres (DCs).
The business is a key addition to our diverse portfolio of investments and we would like to play an enabling role to help it achieve its mission,” said Manu Chandra, Founder & Managing Partner, Sauce.vc.