Koeleman Foods International, located in the Netherlands, has a subsidiary called Koeleman India. With this transaction, OfBusiness will have access to Koeleman India’s export markets as well as the company’s food processing plant. According to reports, the acquisition is worth about $10 million B2B marketplace. Through an agreement to purchase a 100% share in Koeleman India, a division of Koeleman Foods International, a Dutch company, OfBusiness has joined the food processing industry.
In Narsapura, Karnataka, Koeleman India, a company based in Bengaluru, operates a food manufacturing facility. The business processes a variety of fruits and vegetables, including baby corn, olives and gherkins. Additionally, it provides these goods to significant food companies in Australia, Europe, and the US.
OfBusiness will have access to the food processing plant and Koeleman India’s export markets as a result of this transaction.
According to Sreeraj Krishnamoorthy, vice president of Singhi Advisors, “the Indian food processing industry is witnessing many transactions in the branded and private label space, and this transaction signifies the growing appetite among large groups to expand their presence in this high-growth segment.”
The Koeleman Group received advice on the acquisition from Global Investment Bank Limited.
OfBusiness, a company founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, purchases raw materials for SMEs all over India with an emphasis on agriculture and construction goods. SoftBank, Tiger Global, Norwest, Zodius, and Matrix Partners are its backers.
Through its financial branch Oxyzo, which turned into a unicorn in March of last year, OfBusiness also offers cash-flow based lending to SMEs.
OfBusiness revealed that their net profit increased by 3.6X year over year (YoY) to INR 201.11 Cr in FY22. In the fiscal year that ended in March 2022, it more than doubled to INR 7,139 Cr in operating revenue.
OfBusiness has debuted its smartphone app to sign up merchants, farmers, distributors, and small, medium, and micro companies (SMEs). Nitin Jain, co-founder of OfBusiness, previously spoke with media person about how the app helps to lessen the present market opacity by providing information about raw material costs and industry news.