Softbank-backed Ofbusiness To Acquire Koileman India: Report

OfBusiness, a company backed by Softbank and Tiger Global, has reached an agreement to acquire Koeleman India. The acquisition will allow OfBusiness to enter the food processing sector.

By acquiring Koeleman India, OfBusiness, a Softbank and Tiger Global-backed raw material procurement and financing platform for small and medium enterprises, gains access to Koeleman India's advanced food processing facility located in Narsapura, Karnataka, and its export markets.

Sreeraj Krishnamoorthy, the vice president of Singhi Advisors, a global investment bank involved in the deal, said that the acquisition by OfBusiness indicates a rising interest among major players to expand their presence in the high-growth sector of the Indian food processing industry, which is currently experiencing several transactions in the branded and private label space.

Koeleman India, located in Bengaluru, is a company owned by Koeleman Foods International B.V., which is based in the Netherlands. The company specializes in processing a variety of fruits and vegetables such as gherkins, olives, jalapeno, bell pepper, and baby corn. 

Koeleman India provides private labeling services for these products to major food corporations in the United States, Europe, and Australia.

Initially founded as a platform for selling industrial goods, OfBusiness has secured funding from Softbank, Tiger Global, Norwest, Zodius, and Matrix Partners. Besides, the firm has also established a footprint in the food and agricultural commodities trading space.