Chennai-based LifeSpice will raise ₹15.5 crore to build its marketing and distribution network.
V. Ganeshan, Managing Director of LifeSpice, said the company, which started commercial production of spice mixes in November last year, is currently present in 380 outlets across the country and also on e-commerce platforms.
It expects to get into the export market by the end of March. Started with an investment of almost ₹20 crores, LifeSpice has a plant at Ranipet that can produce 2,000 tonnes of spice powders a year. “We are in the process of raising ₹7.5 crore equity and ₹ 8 crore as structured advances to strengthen our distribution and marketing channels,” he said.
The products are currently available in Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra, Gujarat, and Punjab. The focus will be on strengthening the presence in these markets and also expand to Kerala, Rajasthan, and Delhi in six to seven months.