GAPL provides procurement, storage, processing and distribution services for the fresh fruits and vegetables sector, currently operates six bases in various parts of the country and has expressed plans to expand its footprint to 20 or more over the next three years. According to the company, the demand for all-season availability of produce is increasing in India in light of the country’s growing wealth and emerging middle class.
Kunal Kumthekar, director and founder of Nine Rivers Capital, said, “We are pleased to be associated with GAPL and believe that the company is uniquely positioned to benefit from the opportunities in the food and agri space. Where the majority of market participants are focused on creating cold storage infrastructure, we found GAPL’s business model far differentiated.”
Last year, Nine Rivers paid $10m for a minority stake in Pranav Construction Systems, an Indian formwork engineering company.
Source: Alt Assets