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GRM Overseas sets up Food Tech Fund in a subsidiary, picks up 5% stake in Tobox Ventures; Stock freezes at new 52-week high

The purpose of this fund is to invest in Food Tech companies that strategically fits into GFK’s Direct-to-Consumer (D2C) product offerings.

December 01, 2021 2:29 IST | India Infoline News Service
FMCG
GRM Overseas on Wednesday announced the setting up of its Food Tech Fund under the aegis of its subsidiary GRM Foodkraft Private Ltd. (hereinafter referred to as “GFK” or the “Company”).

The purpose of this fund is to invest in Food Tech companies that strategically fits into GFK’s Direct-to-Consumer (D2C) product offerings.

Additionally, the Company has made its maiden investment from this fund and has picked up a 5% stake (pre-money) in Tobox Ventures Private Limited (hereinafter referred to as “GoKhana”) on 30th November 2021.

In its regulatory filing, GRM Overseas said that this strategic investment will help GFK to leverage GoKhana’s network to introduce its high-quality product basket directly to GoKhana’s corporate catering partners and their customers.

Furthermore, this partnership will extend new Direct-To-Consumer product offerings from GFK to GoKhana’s customers under the D2C model.

At around 2.27 pm, GRM Overseas stock froze at the new 52-week high of Rs415.85 per piece up by 5% on Sensex.

The new high is also the stock's upper circuit. 

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