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May, 08 2014

Maiyas raises fund from Ascent Capital

Raises Rs 100 crore to focus on marketing.

Maiyas Beverages and Foods Pvt Ltd, a Bangalore based food processing company has raised Rs 100 crore from Ascent Capital to expand its distribution and sales in the Indian and global markets.

The company operates a full-fledged restaurant and a chain of convenience food and retail outlets known as Maiyas Express famous for its nanotechnology-based cooked and ready versions of foods such as rasam, vacuum-fried fruit and vegetable chips and machine-made fried food like vadas and chaklis.

Speaking on the same, Sudarshan Maiya, Director, Maiyas Beverages and Foods Pvt Ltd, said, “We have already pumped in Rs 80 crore from our internal accruals to install the required equipment and machinery for food processing. Now we need to widen the customer base not just in India but globally too for which we have raised Rs 100 crore from Ascent Capital.” 
The company plans to extend its business in United States, Japan, Australia, Singapore, the Middle-East and Germany and scout for promising sales prospects for ready-to- eat, ready-to- serve and ready- to-cook snacks, spices, beverages and frozen foods from emerging markets.

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