Rajasthan Venture Capital Fund, a state-run VC fund based out of Jaipur, has invested Rs 15 crore in the second round of funding of PR Packaging Ltd (PRP), a packaging company located in Faridabad.
PR Packaging produces high quality folding cartons including printed mono cartons, fluted boxes, pouches, brochures, leaflets, etc.
“They are serving to best-known brands in electronics, pharmaceuticals, cosmetics, automobile industries and food chains. The company is well-positioned in northern India and is planning to foray in flexi tube packaging, as well as seamless and laminated tubes,” Girish Gupta, CEO of Rajasthan Ventures told VCCircle.
The funds will be used to widen its customer base by enhancing its capacity, exploring new packaging opportunities, widening its product portfolio and consolidating its position, and thus become the preferred vendor to all its clients.
The Indian packaging industry is expected to grow to Rs 82,500 crore by 2015 from the current Rs 65,000 crore, according to the Indian Institute of Packaging (IIP). Presently, India stands at the 11th position in the world packaging industry, which is $550 billion, and with the rising consumer demand and new technologies, it is expected to grow at 18-20 per cent from the current 15 per cent, the industry body adds.
