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Sequoia Capital invests $20 mn in Amalgamated Bean Coffee Trading Company Ltd.
Amalgamated Bean Coffee Trading Company Ltd. (ABCTCL) India's largest integrated coffee conglomerate today announced an equity investment of $20 million into ABCTCL, by Sequoia Capital India, a leading Venture Capital firm.
This investment represents a strategic intent by ABCTCL to expand and consolidate its position into the fast growing coffee industry, where it already enjoys a strong position through various brand extensions under the mother brand name 'Coffee Day'. ABCTCL will use this investment to supplement its business with a fast growing high margin line of products and services and will work on developing a larger international and national footprint for itself. The funding from Sequoia is in line with ABCTCL's strategy of consolidating its position as a leader in the coffee industry. Mr. KP Balaraj, Managing Director, Sequoia Capital India, will be joining the company's Board as part of the investment.
Speaking on the investment, Mr. V. G. Siddhartha - Chairman, ABCTCL, said, "We are very pleased to have Sequoia Capital on board as an investor and look forward to their experience in helping achieve our business objectives. We see a significant opportunity to build ourselves into a strong market leader in the food services and coffee business globally, and will leverage our 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."
Said Mr. KP Balaraj, Managing Director, Sequoia Capital India, said, "ABCTCL is the market leader in the food and coffee beverage services industry with a with a well established consumer lifestyle brand name in India. We are excited to have the opportunity to partner with the founders and management team of the company as they look to build a global market leader."
The Coffee Day group has won several prestigious national awards including, The CNBC Awaaz Consumer Awards 2006 for 'Best Café in India, Reid & Taylor Award for Retail Excellence 2005 for 'Retailer of the year - Catering & Food Services ', Best Food Services Retailer of the year and Best Exclusive Brand Retailer of the year at the ICICI Bank Retail Excellence Awards 2005, The Economic Times Entrepreneur of the Year Award for founder VG Sidhhartha in 2003, among others.
About ABCTCL
Amalgamated Bean Coffee Trading Company Ltd. (ABCTCL) is India's largest coffee conglomerate including being one of India's leading coffee exporters with clients across the US, Europe and Japan. ABCTCL is present in the entire value chain of coffee consumption in India through different business vertically integrated under an established mother brand name "Coffee Day". These business groups are: Café Coffee Day (pioneer and largest Indian retail coffee café chain), Coffee Day Xpress (retail fast food and beverage outlets), Coffee Day Take Away (coffee vending machines) and Coffee Day Fresh 'n Ground (coffee powder stores), Coffee Day Exports and Coffee Day FMCG (packaged filter coffee).
About Sequoia Capital
Sequoia Capital provides venture and growth equity capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, and Larry Page and Sergey Brin of Google.
About Sequoia Capital India
Since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Sandy Lerner and Len Bozack of Cisco Systems, Jerry Yang and David Filo of Yahoo!, Gaurav Garg of Redback Networks, Larry Page and Sergey Brin of Google, Dan Warmenhoven of Network Appliance, T.J. Rodgers of Cypress Semiconductor, Lou Tomasetta of Vitesse Semiconductor, Steve Jobs of Apple Computer and Larry Ellison of Oracle. The companies organized by Sequoia Capital now account for about 10% of the value of NASDAQ.
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