Popular juice brand Raw Pressery is reportedly being acquired by Wingreens Farms at a reduced value. According to an Economic Times report, the brand is reportedly taken over in a distress sale at a fraction of its earlier valuation. Founded in 2013, the company which offers cold-pressed healthy juices had reportedly had a severe downturn in business, which in turn affected its valuation.
According to it's last annual filing - in FY18 - Rakyan Beverages (Raw Pressery's parent company) had reported a a net loss of Rs. 48 crore. The situation has not improved much. The company had been valued at around Rs 500 crore when it raised Rs 65 crore in funding from existing backers, and in October 2020 it was reported that the company had revenue of around 6 crore a month.
Reportedly, a persistent cash burn had forced the company to look for a possible buyer for quite some time now. While an earlier Moneycontrol report had suggested that the company was in talks with several other companies including Paper Boat (run by Hector Beverages) and Hardcastle Restaurants (which operates the McDonald's chain of restaurants in India), it would seem that Wingreens Farms has come out ahead.
Reports in October 2020 had had suggested that Raw Pressery was likely to be acquired for about Rs 150 to 200 crore. Now, the latest report suggests that the company is being valued at Rs. 100 to 110 crore for the distress sale.
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