GRM Overseas, an exporter of basmati rice, acquired the stake through a combination of primary infusion and secondary buyouts, as it expands into the fast-growing Indian coffee market
Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, and others such as cricketer Virat Kohli and actor Rannvijay Singha. The brand has gained traction among new-age consumers, the company statement said.
GRM Overseas has acquired a 44 percent stake in Swmabhan Commerce, the parent company of Rage Coffee, the exporter of basmati rice said in an exchange filing on August 28.
GRM Overseas acquired the stake in the cricketer Virat Kohli-backed firm through a combination of primary infusion and secondary buyouts, marking a major step forward in its expansion into the fast-growing Indian coffee market. The company didn’t share the financial details of the deal.
Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, Kohli and actor Rannvijay Singha among others.
The acquisition aligns with GRM Overseas’ broader strategy under its newly launched platform, 10X Ventures, which aims to invest Rs 200 crore in digital-first, new-age D2C brands, the filing said.
“With GRM, we have found a partner that not only understands our mission but also complements our strengths with their extensive distribution network, corporate capabilities, and deep industry expertise,” Sethi, who is also the CEO, said.
GRM Overseas sees enormous potential in expanding Rage Coffee’s presence in the domestic market and leveraging synergies with its established export markets, GRM Overseas managing director of Atul Garg said.
The acquisition will strengthen GRM Overseas’ position in India’s packaged food
market, catering to the evolving preferences of new-age consumers.
The company, which reported Rs 1,345 crore in revenue and Rs 105 crore in profits for FY24, aims to derive 20 percent of its future revenue from new-age companies like Rage Coffee while
maintaining its leadership in the rice, atta, and edible oil sectors, the company said.
At 11.56 am, the GRM Overseas stock was trading at Rs 269.36, on the National Stock Exchange, down 0.04 percent from the previous close.
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