Milkshake and ice-cream brand Keventers, operated by Super Milk Products Private Limited (SMPPL) announces equity investment from Jubilant Bhartia Group for an undisclosed amount.
After this development, Jubilant Bhartia Group has now become a minority partner in SMPPL.
The Jubilant Bhartia Group operates in a variety of industries, including pharmaceuticals, food, food service (QSR), agri products, and automobiles. Jubilant Pharmova, Jubilant Ingrevia, Jubilant FoodWorks, and Jubilant Industries are the group’s four flagship companies. The promoters of HT Media, which publishes Mint, and the Jubilant Bhartia Group are linked.
“SMPPL will deploy the fresh capital primarily towards the opening of new stores and expanding its footprint pan India and globally, while also foraying into alternate channels such as direct-to-consumer, FMCG, and cloud kitchens,” the company said in a statement.
The investment is expected to help Keventers accelerate its plans to open over 300 stores in the next three to four years, as well as to expand its ice cream business. SMPPL’s exclusive financial advisor on this transaction was KPMG.
In 2015, Agastya Dalmia, grandson of Ramkrishna Dalmia, who bought the Keventer’s brand in the 1940s, and his friend Aman Arora revamped the brand with plans to open a chain of milkshake kiosks.
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