Milkshake and ice-cream brand Keventers, operated by Super Milk Products Private Limited (SMPPL), on Thursday announced equity investment from Jubilant Bhartia Group for an undisclosed amount.
Jubilant Bhartia Group has now become a minority partner in SMPPL.
“SMPPL will deploy the fresh capital primarily towards the opening of new stores and expanding its footprint pan India and globally, while also foraying into alternate channels such as direct-to-consumer, FMCG, and cloud kitchens,” the company said in a statement on Thursday.
The investment is expected to help Keventers accelerate its plans to open over 300 stores in the next three to four years with the additional aim to grow the ice cream business.
KPMG acted as the exclusive financial advisor to SMPPL on this transaction.
Keventers started out in 1925 as a manufacturer of milk and milk products offering cheese, butter and milkshakes. The brand was resurrected in 2015 by the next generation of the owners of the brand, and positioned as a new-age milkshake brand in the quick service restaurant segment.
The company also recently launched its gourmet ice cream range under the brand “Keventers Ice Cream”, with attempts to diversify its dessert portfolio.
In 2015—Agastya Dalmia, grandson of Ramkrishna Dalmia who had acquired the Keventer’s brand in the 1940’s, along with Aman Arora and Sohrab Sitaram, revamped the brand with plans operate a chain of milkshake kiosks.
The brand’s reach spans over 50 cities across India, Kenya and the UAE.
The transaction is subject to fulfillment of closing conditions by both parties.
To be sure, Jubilant Bhartia Group operates in diverse sectors such as pharmaceuticals, food, food service (QSR), agri products, and auto among others. The group has four flagship companies which include Jubilant Pharmova Limited, Jubilant Ingrevia Limited, Jubilant FoodWorks Limited and Jubilant Industries Limited.
The promoters of HT Media Ltd, which publishes Mint, and Jubilant Bhartia Group are closely related.
