Sequoia Capital invests $20 mln in ABCTCL

New Delhi, July 19 (UNI) In a move aimed at consolidating its leadership position in the coffee industry, Amalgamated Bean Coffee Trading Company Ltd (ABCTCL), India's leading integrated coffee conglomerate, today announced that Sequoia Capital's has invested 20 million dollars in its equity.

This investment represents a strategic intent by ABCTCL to expand and consolidate its position into the fast growing coffee industry, where it already enjoys a strong position through various brand extensions under the mother brand name 'Coffee Day'.

ABCTCL will use this investment to supplement its business with a fast growing high margin line of products and services and will work on developing a larger international and national footprint for itself.

The funding from Sequoia, a leading Venture Capital firm, is in line with ABCTCL's strategy of consolidating its position as a leader in the coffee industry.

Sequoia Capital India Managing Director K P Balaraj will be joining the company's Board as part of the investment.

''We are very pleased to have Sequoia Capital on board as an investor. We see a significant opportunity to build ourselves into a strong market leader in the food services and coffee business globally, and will leverage our dominant position in India to build a strong international presence,'' ABCTCL Chairman V G Siddhartha said.

Sequoia Capital is actively looking for well managed companies in the US and European markets that it can partner with or acquire to help build a diversified, global business.

ABCTCL is one of India's leading coffee exporters with clients across the US, Europe and Japan, and is present in the entire value chain of coffee consumption in India through different business vertically integrated under its established brand name.

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