GRM Overseas acquires 44% stake in Rage Coffee - ET Retail
Summary
New Delhi: FMCG firm GRM Overseas has acquired a 44 per cent equity stake through primary infusion and secondary buyouts in Swmabhan Commerce , the parent company of Virat Kohli-backed, Rage Coffee , the company said in a BSE filing on Wednesday.This strategic investment in Rage Coffee aligns perfectly with our vision to drive growth in digital-first, health-focused, and lifestyle brands. We see enormous potential in expanding Rage Coffees presence in the domestic market and leveraging synergies with our established export markets. Coffee as a product category aligns well with our international growth strategy, and we are excited to combine our deep industry expertise and distribution capabilities with Rage Coffees dynamic offerings. We aim to elevate this brand to new heights in India and globally, said Atul Garg, MD, GRM Overseas.Rage coffee sells online and also has presence across 1,000 HoReCa outlets and 5,000 plus general trade and modern trade stores.Recently, the company expanded into the out-of-home coffee market by installing bean-to-cup vending machines in offices and opening cafes.For FY24, Rage Coffees unaudited turnover stood at Rs 24.9 crore marginally up from Rs 23.9 crore in FY23.Founded in 1974, GRM has a diversified product portfolio including rice, spices, and other food products with presence in both the domestic and international markets.