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Mint
28-05-2025
- Business
- Mint
Dry fruit brand Bolas in talks with Westbridge, others for ₹900 crore investment boost
MUMBAI : 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 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.
Hindustan Times
05-05-2025
- Business
- Hindustan Times
Sushi, steak, cheesecake in a glass? Welcome to culinary cocktails
It begins with a sip. Then, a curious sensation follows. Wait, is that chilli chicken in your drink? You taste soy, a whisper of ginger, maybe even a hint of garlic. The essence of dinner, but in the form of a cocktail. Well, across India, bartenders are boldly pushing the boundaries of mixology. Gone are the days of just adding a splash of lime or a pinch of spice. Today, they are transforming popular dishes into drinks — nostalgic, quirky, and brimming with stories that travel from home kitchens to bar counters. Whether it's introducing Kolkata-style chilli chicken cocktail or guacamole margarita or a drink that gives a hint of Maggi, bartenders are going all out with experimentation. But what is driving the shift? Rahul Kamath, Corporate Beverage Manager, Passion F&B, predicts that this trend is here to stay. 'It is not a passing fad. Bartenders are thinking like chefs now. We are looking to the kitchen for inspiration. And guests are ready to embark on this journey with us.' Take Nutcase Etc in Kolkata, where the team wanted to give a beloved local dish a new twist. Enter Tangra Town, a savoury highball inspired by Kolkata-style chilli chicken. A mix of bell peppers, onions, garlic, and ginger, all seasoned with soy sauce and infused with tequila. What sets this drink apart is the addition of chicken stock, lending it a gentle, meaty richness. A spring onion garnish completes the experience. 'No good bar in Kolkata feels complete without chilli chicken on the menu,' says Swanan Sarkar, the mastermind behind this creation. 'So we thought, why not serve it as a drink? Once we voiced the idea, it just clicked. The whole team was immediately on board.' Perfecting this concept was no quick fix. Numerous iterations were tested before they landed on the right balance. 'Every ingredient has its own strong character. The challenge was to capture the essence of the dish, but in liquid form.' Nutcase also offers Rare Steak, a drink made with beef bone marrow rendered with garlic, rosemary, and peppercorns. This spirit-forward creation is fat-washed, giving it a rich depth. Other unconventional drinks on their menu include Make It a Salsa, which mimics a smoky chipotle salsa, and Sushi, which uses wasabi, vinegar, and pickled ginger to recreate the experience of eating a sushi roll. While these drinks are experimental, the pricing remains approachable. 'People will try bold things if they feel they are getting value. We want these drinks to be fun, not intimidating,' the team explains. Pricing, Swanan says, is based on ingredient cost and market comfort. 'We want people to try these. But some drinks are high on beverage cost. In our Sushi cocktail, just the nori costs ₹56 per glass.' Also exploring the savoury side of cocktails is EnCanto, where mixologist Raju Bora has created a guacamole margarita. This drink features avocado-infused tequila with a smooth avocado crush inside. A daring combination of jalapeño-infused gin, lime juice, and guacamole creates a unique experience. Yes, you read that right. Garnished with Sal de Pueblo and a taco shell, this clarified cocktail is a love letter to Mexico's culinary creativity. Raju says, 'One day, during one of our experimental sessions, we thought — why not try something completely unconventional. At first, it seemed like an unusual choice, but once we played around with the texture and balanced it with the right elements, it turned out to be an incredible discovery." He further adds, "These drinks are truly a process of trial and error—testing combinations, adjusting acidity, sweetness, and texture until we find that sweet spot where everything comes together in harmony.' At Mezzo Mezzo in Mumbai's JW Marriott, the drinks menu reads like a Mediterranean feast but in cocktail form. Think risotto, tzatziki, strawberry cheesecake, and olive oil cake, all shaken, stirred, or smoked into a glass. And yes, they taste just as wild and wonderful as they sound. Take the Gazpacho, a smoky, spicy mix of tequila, mezcal, bell pepper, basil, and citrus, or the herbaceous Tzatziki, made with gin, cucumber, whey, and oregano. If you're craving something sweet, try the Baklava, rich with pistachio and spice, or the Truffle Chocolate, a decadent blend of whisky, vodka, coffee, and chocolate liqueur. Even the classics come with a twist. There is a pine and elderflower highball, a smoked salsa picante, and breezy low-ABV choices like sparkling wine sangria or the Earl Fizz, a mix of Earl Grey, clarified guava, and citrus, which can be made alcohol-free. 'These are drinks that surprise people, make them smile, and maybe even remind them of something they ate years ago,' says Chinmay Pednekar, the bar's mixologist. The same is true at The Brook in Gurugram, a mountain-inspired bar from the team behind Sidecar. Their standout cocktail, Maggi Point, uses Maggi masala spice, tequila, Himalayan honey, fresh tomato, and pea water. 'People love it because it feels familiar. They are drinking a memory,' says Yungdup Lama, the owner. 'That emotional pull is what makes it work. Meanwhile, the pricing depends on market survey and beverage cost.' He also mentioned that it's not just India where this trend is happening; it's taking place in global bars as well. This trend extends beyond India. Double Chicken Please in New York City has a Thai Curry drink made with galangal, lemongrass, coconut water and Thai chilli. In Tokyo, the Glizztini at Tokyo Confidential uses sausage and onion brine, served with cacao butter to mimic ketchup and mustard, while the Zaru Soba at Danico, Paris's blend of cucumber, tomato, and soy sauce, is a nod to noodle soup.
