Sequoia Capital invests $ 20 mn in ABCTCL

Bangalore, July 19 (UNI) Amalgamated Bean Coffee Trading Company Ltd (ABCTCL), India's largest integrated coffee conglomerate, today announced an equity investment of US Dollar 20 million in ABCTCL by Sequoia Capital India, a leading Venture Capital firm.

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

ABCTCL, in a release here, said it would use the investment to supplement its business with a fast growing high margin line of products and services and would work on developing a larger international and national footprint for itself.

The funding from Sequoia was 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 would be joining the company's Board as part of the investment.

Commenting on the investment, ABCTCL Chairman V G Siddhartha said the investment provided a ''significant opportunity'' to build ABCTCL into a strong market leader in the food services and coffee business globally. It would also leverage the dominant position in India to build a strong international presence. ''We are actively looking for well managed companies in the US and European markets that we can partner with or acquire to help build a diversified, global business.'' UNI VK GD RKN1817