Mihir Mehta, Senior Vice President, Ashika Capital Limited
Mihir Mehta, Senior Vice President, Ashika Capital Limited

Mumbai, February 26, 2020: Ashika Capital Limited, a future focused investment banking firm under Ashika Group, facilitated the first round of funding for cookie chain Sweetish House Mafia amounting to INR 120 million (USD 1.7 million). This deal was closed with Indian Billionaire Adar Poonawalla, the CEO of Serum Institute, one of the world’s largest vaccine makers in terms of doses produced. 

Commenting on this deal, Mihir Mehta, Senior Vice President, Ashika Capital Limited said “Sweetish House Mafia has the status of an iconic neighborhood brand that has immense growth potential and an investment from Mr. Poonawalla comes as a great validation.”

Defying the normal timelines that a deal takes, Ashika Capital completed this fundraise in a record time of three months from initiation to post-closure formalities.

India is seeing a definite potential in the food retail market. As per industry estimates, this market is expected to grow at a CAGR of 10 percent plus in the next 5 years. India is a consumption oriented country with the largest population of youth and is touted to be the largest middle class in the coming few years. This proves the growth potential of the country and the reason why investors are increasing their stake here. 

Talking about future growth aspects in the food retail market, Mihir said “A few levers that will push this sector will be strengthening of the supply chain infrastructure, increasing disposable incomes and growing spend proportions, higher internet penetration resulting in better awareness and lastly, the availability of larger financial and human capital.”

In the past, Ashika Capital has worked with numerous brands in the consumer space, ranging from the sale of Devigarh Palace by Xander Group and facilitating funding for Bohri Kitchen to the sale of Pernia’s Pop Up Shop. Last year, Ashika assisted luxury fashion label House of Masaba raise its first round of funding led by Binny Bansal.

Ashika Capital is working with the cookie chain on their next fund raise which will be conducted soon. Stay tuned for exciting updates!