CESC Ventures picks 8.49% stake in tech firm
Mar 12, 2020, 18:07 IST
Kolkata, Mar 12 () RP Sanjiv Goenka group companyCESC Ventures on Thursday said it has acquired 8.49 per centstake in a Mumbai-based small technology company Peel-WorksPrivate Limited at a total cost of Rs 20.99 crore.
The deal was made to support the group's FMCG businessthat sells Too Yum brand snacks.
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CESC Ventures said Peel-Works is a technology-drivendistribution company which supplies goods - food, grocery andconsumer products - to retailers and wholesalers where ordersare collected through a software application.
The company said this is an emerging, early-stagegrowth business having synergy with FMCG and retail business.
CESC Ventures will acquire 4,134 CompulsorilyConvertible Preference Shares of Peel-Works at a totalconsideration amounting to Rs 20.99 crore.
The group was aiming at a Rs 10,000 crore revenue fromFMCG business in the next three to four years, the company hadsaid earlier. BSMNN NN(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)