Dry fruit brand Bolas in talks with Westbridge, others for ₹900 crore investment boost
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Dry fruit brand Bolas is in early discussions with private equity investors including Westbridge Capital to raise ₹800–900 crore in its first institutional funding round, two people familiar with the development told Mint.
'The investors are looking to secure a significant minority stake in the company and the round will be a mix of primary and secondary transactions," one of the people cited said. The promoters are expected to dilute a portion of their holdings, but valuation discussions are still underway.
According to the second person, the capital raised will primarily go towards expanding Bolas' retail footprint in Karnataka from 80 stores currently to 150–200 outlets.
'At this stage, we would prefer not to comment on specific investor conversations or the details of any ongoing discussions," Bolas' co-founder Rahul Kamath told Mint in an emailed statement.
He added that the company has witnessed unprecedented growth over the past few years, by significant expansion of its presence across three key pillars— healthy snacking category, direct-to-consumer retail division, and overall share in the Indian dry fruits market.
'As we look ahead, we are exploring strategic opportunities for our next phase of growth and have set ambitious targets for FY30 to establish Bolas as India's leading dry fruits-based healthy snacking brand," Kamath said.
Westbridge Capital did not immediately respond to Mint's queries.
Founded in the early 1940s, Bolas is currently run by a third-generation sibling duo Rahul Kamath and Rajesh Kamath. Based in coastal Karnataka, the firm is also present in Goa and Maharashtra and is engaged in commodity trading, processing and branding.
It is among India's leading exporters of cashewnuts and coffee, and expanded into direct-to-consumer retail by acquiring Mysore Mercantile Ltd. Its edible oil brands include Palm Raja, Leader Gold, Prajwal, and Sun Taaza. The company also imports and processes almonds, pistachios, figs, dates, and other dried fruits.
In 2022, Bolas also ventured into newer categories and launched a range of products such as seeds, berries, gourmet snacking options, honey and hazelnut to cater to the growing consumer demand driven by rising health awareness, increased disposable incomes, and a preference for convenient, nutritious snacks. It also forayed into manufacturing sweets such as Kaju Katli, Mysore Pak, and Ladoos.
Also read: VC fundraising wave gains momentum as dealmaking rebounds, but caution prevails
Sector trends
Broadly, the dry fruits space has been bustling with action as consumers increasingly seek healthy snacking options to satiate their dietary needs for post-workout nourishment and other small meal replacements.
Brands like Farmley, Happilo, True Elements, Yogabar, and The Whole Truth Foods have been the biggest beneficiaries of this shift by offering consistent quality through organised sales channels with better hygiene standards.
While Farmley raised a $40 million round led by L Catterton earlier this month, The Whole Truth raised $15 million led by Sofina Ventures, with participation from existing investors Peak XV (formerly Sequoia India), Z47, and Sauce.vc in February.
Broadly, India is projected to grow from $9.3 billion in 2024 to $12.7 billion by 2029, with a CAGR of 6.55%. Currently ranked the world's largest importer, India imported dry fruits worth $2.85 billion in 2023, according to a report by Indus Food. The report added that there are significant opportunities, particularly in the cashew segment.
Also read: For the health nut who can't give up snacking—oats bujia and quinoa puffs
Bolas' performance
In FY24, Bolas reported operating income of ₹1,696.8 crore, up from ₹1,574 crore in FY23. However, profits declined to ₹27 crore from ₹47 crore the previous year, as per an ICRA report. The dip in margins was attributed to a higher share of low-margin palm oil sales and increased promotional spending.
Bolas closed FY25 with ₹2,000 crore in revenues, driven by stable demand across segments and better realisations in the cashew business. ICRA noted that while Bolas benefits from experienced promoters, a diverse product mix, and robust supply chains, it remains exposed to risks such as commodity price swings, regulatory issues, and forex volatility.
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