Bayir group firm Beloorbayir Biotech said here today that that it had received Rs 75 crore funding from India Agri Business Fund, a private equity fund from Rabobank's Rabo Equity Advisors. India Agri Business Fund is Asia's first private equity fund focused on the food and agribusiness sector in the country.
Beloorbayir, which makes food and dietary supplements, botanical extracts as well as nutraceutical formulations said that it would use proceeds for expanding its manufacturing capacities across four of its eight plants in and around Bangalore, besides also strengthening infrastructure as well as marketing activities. Beloorbayir Managing Director B G Bairy said the funding would also be used to increase production capacity and increase its focus on nutracueticals segment globally.
A portion of the funding would also be used to open a research and development facility in the US, he said, adding that Beloorbayir gets most of its revenues from USA, Southeast Asia, the EU and SAARC countries. After the funding, Rabo Equity Advisors chairman Rajesh Srivastava would join the Beloorbayir board and support the company in its aggressive growth plans. "We are excited about the opportunity to support the Beloorbayir management in expanding infrastructure facilities as well as their in-depth research and development, around the many uses of food and dietary supplements for better health," Srivastava said.
Launched in 2008, India Agribusiness Fund, which was conceptualised and sponsored by Rabobank, has a committed capital of USD 120 million. Besides the fund sponsor Rabobank, other investors include IFC, DEG of the Germany-based KfW group, Dutch government-owned development institution FMO and British government-owned development institution CDC, as well as private institutional investors like Capvent.