Perth-based premium Indian ready meal producer Praveen Kumar has landed a £400,000 equity investment from the Investment Fund for Scotland (IFS).
The funding, managed by Maven Capital Partners and delivered by the British Business Bank, marks a significant milestone for the company’s growth plans.
Praveen Kumar, founded by the eponymous chef and his wife Swarna, both hailing from rural Southern India, aims to bring authentic Indian cuisine to UK consumers.
The company’s frozen curry range, which boasts restaurant-quality flavours, is currently available in several UK retailers, including ASDA and House of Bruar, as well as through direct online purchases.
Investment Details
The £400,000 injection from IFS Maven Equity Finance will support Praveen Kumar’s ambitious expansion strategy.
The funding will facilitate the company’s continued roll-out across new and existing retailers, as well as local independent stores.
Additionally, a portion of the investment will be allocated to bolstering the company’s sales and marketing efforts, particularly as its award-winning ‘Curry Club’ expands nationwide.
Rob Stevenson, Investment Manager at Maven, said: “The business has achieved impressive growth to date, and Praveen is an entrepreneurial CEO with a wealth of experience in the restaurant and hospitality sector.
“With consumers increasingly turning to ready meals as a substitute for traditional takeaway options we’re delighted to back the company to drive the growth of its premium product and support Praveen and his team as the business scales.”
Praveen Kumar, said: “It has been a pleasure working with team at Maven and I am very grateful for all their support.
“The funding will help fuel our ongoing business growth via our online curry club and growing retail partners across the country, supporting our ongoing mission to make our authentic, healthy dishes available to everyone across the UK.”
Sarah Newbould, Senior Investment Manager, Nations and Regions Funds, at the British Business Bank, said: “Scotland is home to a burgeoning food and drink sector and it is great to see Praveen and Swarna’s growing brand now available in the frozen aisles in supermarkets across the country.
“The Investment Fund for Scotland was established to help entrepreneurs in all sectors access the funding they require to develop and thrive, whoever they are and wherever they are based.”
IFS Maven Equity Finance
This deal represents the fourth investment made by IFS Maven Equity Finance. The £150 million fund, which covers all of Scotland, offers loans ranging from £25,000 to £2 million and equity investments up to £5 million.
The fund aims to support a diverse range of small and medium-sized businesses in starting up, scaling up, or maintaining their competitive edge.
The IFS’s primary objective is to foster sustainable economic growth across Scotland by supporting innovation, creating local opportunities for new and growing businesses, and increasing the availability and diversity of early-stage finance.
It provides funds to businesses that might otherwise struggle to secure investment and works to break down barriers to accessing finance.
This investment in Praveen Kumar aligns perfectly with the fund’s mission to support innovative local businesses and drive economic growth in Scotland.
