Investment to help ice cream cone maker scale operations, boost manufacturing capacity
Private equity firm Growtheum Capital Partners has invested in Homemade Baker’s (India) to support the company’s nationwide expansion and strengthen its manufacturing footprint, the firms said in a joint statement.
Founded in 1995, Homemade Baker’s supplies ice cream cones, sleeves, and packaging solutions to leading brands and claims an annual production capacity of more than one billion cones. The company has also diversified into in-mould label (IML) containers used for take-home ice cream packs and other food products.
While neither party disclosed the financial details of the transaction in the release, the partnership is aimed at capturing demand from India’s rapidly growing ice cream segment, which has seen strong post-pandemic growth driven by rising urban consumption and premiumisation.
“GCP’s extensive experience in the consumer sector and their global perspective will be invaluable as we embark on the next phase of our growth journey. With their support, we aim to accelerate our expansion across India, further strengthen our operational and management capabilities, and continue delivering high-quality products to meet the growing demand from our customers”, said Rajiv Manchanda, Founder and Director, Homemade Baker’s.
Growtheum’s managing director, Saurabh Mehta, said the firm was backing Homemade to become “the partner of choice” for both national and regional ice cream brands, adding that the sector was benefiting from “strong secular consumption tailwinds.”
The Singapore-based private equity firm has been active in India’s consumer sector and said it sees potential for Homemade to expand into regional markets, including Southeast Asia. KPMG in India acted as Homemade’s financial advisor on this transaction.
