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Mandala Capital is a vision driven investment firm with an aim to transform the lives of hundreds of millions of farmers, making agriculture more sustainable, climate friendly and resilient while increasing people’s access to affordable, healthy and nutritious food.


We are a financial-first impact investor with a focus on investments in the food and agriculture value chain across South and South East Asia.

The region and sector offer compelling investment opportunities with a young and rapidly urbanizing population of 2 billion of which half remain linked to agriculture, a rising GDP per capita and stable economies. The region stands as an agriculture powerhouse and a global leader in the production of most major fruits and crops.

Largely private, family-owned companies coupled with small holder farmer producers have led to the region falling behind global peers on efficiency, productivity and technology adoption, creating areas for value addition and economies of scale.

We partner with visionary teams and executives and provide extensive financial and operational support to create a network of industry-leading champions that can transform our outdated food systems and solve challenges in climate, health and nutrition, resource efficiency and rural employment.

Let Mandala’s Managing Partner Uday Garg explain our mission and investment approach to you personally.

“The next ten years will be transformative for the sector as it faces challenges related to supply chain, climate change and resource efficiency coupled with rising demand.”


Mandala Capital invests in insect protein company Nutrition Technologies

Sumitomo Corp., ING Sustainable Investments and Mandala Capital Ltd. have invested in a $20 million funding round for Singapore-based NTG Holdings pte Ltd., which trades as Nutrition Technologies, which produces animal feed from black soldier fly maggots.

The funding round was led by PTT Ventures and was also backed by existing investors Openspace Ventures Ltd., SEEDs Capital Ltd. and Hera Capital Partners Ltd. ING Corporate Finance was the adviser.

Insect protein, in the form of meal made from the larvae and oil extracted from them, is being promoted as a climate-friendly alternative to animal feeds produced from fish and soy. Nutrition Technologies aims to use the money to expand.

Mandala Capital portfolio company Keventer Agro files draft papers for an IPO

The IPO consists of a fresh issue of ₹350 crore and an offer for sale of up to 10.77 million shares by Mandala Swede SPV that holds a 6.16% stake in the firm.

The company said in its DRHP that the “(OFS) includes 15.35 million compulsory convertible preference shares, which will be converted up to a maximum of 9.15 million shares prior to the filing of the red herring prospectus with the RoC, solely for the purpose of the offer”.

ICICI Securities, Axis Capital and JM Financial are the book running lead managers for the issue.

The proceeds from the issue worth ₹155 crore will be used to repay debt and ₹110.76 crore will be used for funding capital expenditure requirements.

As of March 2021, its total income was at ₹836.03 crore versus ₹958.25 crore a year ago. Net loss for the period stood at ₹76.18 crore against a profit of ₹3.42 crore last year. Adjusted total borrowings were at ₹236.20 crore.

Kolkata based firm is a leading fast-moving consumer good with interests in packaged, dairy, and fresh food products. Its comprehensive range of products spans across various brands and categories with more than 90 stock keeping units (SKUs) as of Mar 2021 and a presence across the value chain in the fresh, frozen and ambient long shelf life food product categories.

Its franchised brands include Frooti, Appy, Appy Fizz and Bailey in pact with Parle Agro. It has frozen food, UHT milk, milkshakes and bananas under the Keventer brand.

For FY21, the firm had 3,126 distributors and a sales force of 570 employees (including contractual) and sales promoters. It had 4,281 freezers, 2,891 iceboxes and 284 pushcarts in its target markets.

Its business is supported by manufacturing and processing infrastructure comprising a flagship facility at Barasat, West Bengal and food processing units located at Durgapur, Midnapore, Siliguri, Malda and Patna. The company is also in the process of establishing a food processing unit at Ranchi.

Mandala Capital buys controlling stake in India Cold Chain Player Gati Kausar

Mandala Capital (“Mandala”), a leading private equity firm focused on sustainable and scalable investments across the food value chain, announced today that it has acquired a controlling stake in Gati Kausar India Ltd (“Gati Kausar”) after carving out the cold chain business from Gati Ltd (“Gati”).

The transaction was envisaged as an amalgamation of Mandala’s business transformation strategy & focus on the cold chain sector along with Gati’s ongoing strategy of exiting non-core businesses.

Uday Garg, Managing Partner at Mandala Capital, said “Gati Kausar is an established, 35-year-old brand with a trusted name in the cold chain industry. We believe that under our complete ownership, the Company will be able to fully leverage our technical expertise and financial resources to realise its potential over the next few years. ”

Reports show that the Indian cold chain industry had a c.18% CAGR over the last 5 years and has the potential for increased and continued growth with 80-85% of the industry still controlled by unorganised players. The pandemic has further accelerated growth rates with the sector playing an increasingly vital role in the broader food value chain, starting from local procurement to last mile delivery. Demand from producers, processors, QSRs and retailers for efficient, cost-effective, and reliable supply chains remains high; likewise, the end consumer increasingly expects products to be delivered in a timely and safe manner.
“Increasing customer expectations can only be met through technology-enabled solutions and automation in the cold supply chain. We are working closely with various consultants and our sector specialists to bring best-in-class technologies to Gati Kausar that will increase efficiency and provide innovative solutions to customers,” added Garg.

Rakesh Pachauri, recently appointed COO at Gati Kausar, said “For us, customer satisfaction is of utmost priority and we are excited at the prospect of delivering more value to our customers in this new phase under Mandala Capital’s ownership. We are looking to invest in new vehicles, warehouses, and technology to enhance the customer experience and provide enhanced service levels. We also aim to expand the Gati Kausar family in various areas. With the support of our customers, employees, and shareholders, we believe Gati Kausar can create significant value for all stakeholders.”
CJ Shaju, CFO at Gati Kausar, said “The company has been generating operating profits for the past 3 years despite a difficult market environment and restrained capital resources. With access to a larger capital base post-Mandala’s takeover, we expect more growth and increasing profitability in the years ahead.”