GRM Overseas Ltd has sold more than 3 per cent stake in GRM Foodkraft Pvt Ltd (Foodkraft), a subsidiary of GRM Overseas Ltd focused on domestic India-based foods business, to Sauce.vc (Sauce), a consumer-focused venture capital fund, for an undisclosed amount. Sauce has also acquired an additional 1 per cent stake from other shareholders.

Atul Garg, MD, GRM Overseas Ltd, said, “We are delighted to welcome Sauce.vc as a strategic investor. We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new-age brands by the Sauce team. Our goal is to evolve our brands into distinguished names in their respective product categories. We also intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening our presence in digital channels including e-grocers, quick commerce, and e-commerce. Sauce’s investment aligns with our commitment to rapidly scale and diversify our product portfolio.”

The company sells a variety of basmati rice under the brands 10X Zarda King XXL, wheat flour (Atta), besan, daliya, suji, poha, etc. under its 10X Shakti brand. 10X Ready-to-cook product kits such as Hyderabadi Biryani, and One Pot Moradabadi Biryani, are already well accepted in markets.

GRM Foodkraft has its presence in online and offline retail as well as the D2C segment. It has over 52 distribution centres (DCs), serving more than 1,60,000 kirana stores. Sauce, founded by Manu Chandra, is a consumer-focused venture capital fund, partnering with brands in F&B, personal care, lifestyle, etc.