A Perth-based producer of “premium, restaurant quality, Indian ready meals” has secured a £400,000 investment to enable its growth plans, which include expanding its retail presence and online sales.
The investment in Praveen Kumar, which was founded by husband and wife Praveen and Swarna Kumar and counts supermarket group Asda among its customers, comes from the Investment Fund for Scotland equity finance fund managed by Maven Capital Partners and delivered by the British Business Bank.
Maven noted that the Kumars, who were born and educated in rural southern India, set up their business with the aim of providing “the same authentic Indian cuisine they grew up with to the UK consumer”.
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It added: “Through their frozen curry brand, listed in a number of UK retailers and farm shops including Asda and House of Bruar and available to purchase online directly, they have produced a quality, flavoursome product which draws from their Indian heritage, with spices sourced directly from the Kumar family farm in India.
“The IFS investment will enable the business to continue its impressive roll-out across both new and existing retailers and local independent stores. Funding will also support the growth of Praveen Kumar’s sales and marketing function as its award-winning ‘Curry Club’ expands nationwide.”
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Maven declared that consumers were “increasingly turning to ready meals as a substitute for traditional takeaway options”.
Mr Kumar said: “It has been a pleasure working with [the] team at Maven and I am very grateful for all their support. The funding will help fuel our ongoing business growth via our online Curry Club and growing retail partners across the country, supporting our ongoing mission to make our authentic, healthy dishes available to everyone across the UK.”
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Rob Stevenson, investment manager at Maven, said: “The business has achieved impressive growth to date, and Praveen is an entrepreneurial CEO (chief executive officer) with a wealth of experience in the restaurant and hospitality sector. With consumers increasingly turning to ready meals as a substitute for traditional takeaway options, we’re delighted to back the company to drive the growth of its premium product and support Praveen and his team as the business scales.”
Sarah Newbould, senior investment manager for nations and regions funds at the British Business Bank, said: “Scotland is home to a burgeoning food and drink sector, and it is great to see Praveen and Swarna’s growing brand now available in the frozen aisles in supermarkets across the country.
"The Investment Fund for Scotland was established to help entrepreneurs in all sectors access the funding they require to develop and thrive, whoever they are and wherever they are based.”
The funding transaction marks the fourth investment made by IFS - Maven Equity Finance. The fund has also backed medtech companies Carcinotech and Calcivis, and University of Glasgow spinout Nami Surgical.
The £150m Investment Fund for Scotland provides loans from £25,000 to £2m and equity investment up to £5m to help small and medium sized businesses across the nation to “start up, scale up or stay ahead”.
The purpose of the Investment Fund for Scotland is to “drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland”.
It aims to “increase the supply and diversity of early-stage finance for smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance”.
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