Nilgai Foods plans to raise $10 million in equity investment

FMCG firm Nilgai is planning to raise up to $10 million in equity investment to finance ongoing expansion plans in metro cities.

The company, which manufactures and sell jams, sauces, dips, dressings and baked goods under the brand name of Pico has raised its first round of equity investment from an HNI (High-net-worth individual) investor, Nilgai Foods said in a statement without revealing financial details.

"We will be looking at raising a further $7-10 million to finance our ongoing expansion plans," said, Abhay Jaiswal, CEO, Nilgai Foods.

The company is also planning to take its Quick Service Restaurant (QSR) brand PICO Express to all major metros like Delhi and Bangalore in the next few years.

"Our FMCG products are currently in Delhi and Mumbai, but we plan to expand that reach rapidly over the next couple of years to reach over 10,000 retail stores across India," Jaiswal added.

Nilgai Foods currently operates a chain of 11 PICO Express outlets in Mumbai.