Freshee, a Mumbai-based manufacturer of household packaging and storage products, has raised an undisclosed amount in growth capital from Edelweiss Private Equity, a unit of Edelweiss Financial Services Ltd.
The company will use the funds to enhance its pan-India retail segment penetration, capacity expansion and introduce new value-added products, it said in a statement.
Freshee, operated by Rockdude Impex Pvt. Ltd, offers a range of products, including kitchen aluminum foil and aluminum containers. Founded by Vimal Somani, the company sells its products at about 40,000 retail outlets across 17 states in the country and exports to at least 10 countries. It has a factory near Mumbai.
Radix Capital Advisors, a Mumbai-based investment bank, was the sole financial adviser to Freshee.
Freshee joins several other packaging companies in raising funds in recent years.
In March last year, private equity firm Kedaara Capital picked up an undisclosed stake in Mumbai-based Parksons Packaging Ltd for Rs 200 crore ($31.8 million then).
Edelweiss PE has been involved in a number of deals this year.
Earlier this month, data analytics firm BRIDGEi2i Analytics Solutions Pvt. Ltd raised an undisclosed amount in Series A funding from Edelweiss Private Equity.
Prior to that, wearable devices startup GOQii Inc raised an undisclosed amount from the PE firm.
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