Anicut Capital

Anicut Capital, established in 2016, is a Chennai-based asset management firm specializing in debt financing for consumer goods companies across India. Founded by seasoned professionals with extensive backgrounds in commercial and investment banking, the firm provides tailored debt solutions to support the growth and expansion of its clients in the consumer goods sector.

Ajay Anand

Partner, Seed Fund

Ilayaarunachalam Balamurugan

Co-Founder, Managing Partner and Member of Investment Committee

IAS Balamurugan

Managing Partner

Adithya Bharadwaj

Vice President, Growth Equity

Dhruv Kapoor

Partner, Growth Equity

Veenu Mittal

CFO

Harsh Mohan

Associate, Seed Fund

Ankita Poddar

Senior Associate, Private Credit

Dhruv Ranjan

Associate Vice President, Seed Fund

I A S Balamurugan

Co-Founder and Managing Partner

A. Jayaseelan

Partner, Private Credit

Past deals in FMCG

SUGAR Cosmetics

Series E in 2024
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Epigamia

Debt Financing in 2022
Epigamia, launched in June 2015, specializes in offering premium all-natural dairy products, with a particular emphasis on Greek yogurt. The company caters to health-conscious consumers by providing a diverse range of food items, including almond milk, plant-based alternatives, lactose-free snacks, ice creams, ghee-based spreads, and chilled shakes made from real fruit. Epigamia's products are designed to be low in fat and high in protein, enabling consumers to enjoy nutritious desserts and beverages at an affordable price. By focusing on traditional dairy and innovative formulations, Epigamia promotes a healthy lifestyle through its diverse product offerings.

Wingreens Farms

Debt Financing in 2022
Wingreens Farms is a producer of a diverse range of food products, specializing in healthy snack alternatives. Founded in 2011 and headquartered in Gurgaon, Haryana, the company has pioneered the fresh dips and pita chips category in India. Its offerings include gourmet dips, pickles, breakfast cereals, and teas, all crafted by underprivileged women, thereby promoting social empowerment. Wingreens Farms employs a unique sampling sales model, allowing customers to experience the products before purchase, and retails through both online platforms and various market channels. The company is committed to providing consumers with accessible and healthy food options.

Wingreens Farms

Venture Round in 2022
Wingreens Farms is a producer of a diverse range of food products, specializing in healthy snack alternatives. Founded in 2011 and headquartered in Gurgaon, Haryana, the company has pioneered the fresh dips and pita chips category in India. Its offerings include gourmet dips, pickles, breakfast cereals, and teas, all crafted by underprivileged women, thereby promoting social empowerment. Wingreens Farms employs a unique sampling sales model, allowing customers to experience the products before purchase, and retails through both online platforms and various market channels. The company is committed to providing consumers with accessible and healthy food options.

Bigspoon

Series A in 2022
Bigspoon Foods Private Limited is a cloud kitchen based in Ahmedabad, India, that specializes in a diverse range of culinary offerings. Founded in 2019 by Kapil Mathrani, Rohan Bhatt, and Poojan Thakkar, the company focuses on North Indian cuisine, American quick-service restaurant (QSR) options, and healthy meal choices. Bigspoon provides an omni-channel approach to food ordering and delivery, emphasizing quality, health, and hygiene in its operations. The menu includes popular dishes such as chicken tikka, paneer rolls, butter paneer, dal Bukhara, paneer tikka, ras omelette, and various biryanis, catering to a wide array of customer preferences. The company facilitates online orders and home delivery services, making its offerings accessible to a broad audience.

Lemme Be

Seed Round in 2022
Lemme Be is a gender-inclusive period care brand that specializes in providing organic cotton sanitary products that are eco-friendly. The company offers a range of items, including pads, tampons, pantyliners, and menstrual cups, designed to meet the diverse needs of teens and adults. Lemme Be aims to establish a global presence in the period care market while promoting sustainability and inclusivity in its product offerings.

SUGAR Cosmetics

Series D in 2022
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Earth Rhythm

Series A in 2022
Earth Rhythm is a direct-to-consumer personal care brand specializing in haircare, skincare, and makeup products. Based in India, it is known for being the country's first homegrown brand to invest in independent clinical trials and research. The company focuses on creating professional-grade, non-toxic, and plastic-free sustainable products that are both effective and safe. Earth Rhythm's formulations are developed in-house by trained cosmetic chemists and are backed by cited scientific research. The product range includes face masks, toners, hair oils, shampoos, conditioners, lipsticks, and lip balms, all designed to address various skin and hair concerns such as acne, dehydration, hyperpigmentation, dark circles, and anti-aging.

PopiCorn

Debt Financing in 2018
PopiCorn is a ready-to-eat popcorn brand that has 6 different flavors. The company upgraded its production to a full-fledged factory as the demand increased manifold, making the brand grow exponentially. Popicorn aims to contribute to a proud legacy that India has and makes more and more people fall in love with this delicious, low calorie, easy access snack.

mCaffeine

Seed Round in 2018
mCaffeine is a personal care brand specializing in caffein-infused products for face, body, and hair. The company's product range includes shampoos, face washes, shower gels, body lotions, and face masks, all featuring caffeine as a key ingredient. mCaffeine is recognized for its commitment to quality and has received accolades, such as the Nykaa Femina Beauty Awards 2020 for the best Coffee body scrub. By focusing on natural ingredients, mCaffeine aims to provide customers with effective beauty care solutions that enhance their daily routines.

SUGAR Cosmetics

Venture Round in 2017
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Curatio Healthcare

Venture Round in 2017
Curatio Healthcare Pvt. Ltd. is a specialty dermatology company focused on addressing therapy gaps in both general and specialty dermatology. The company develops a range of dermatology and cosmetology products, including those for skincare, baby care, and hair care. Its offerings encompass targeted solutions for pigmentary disorders, emollients, protectives, and acne therapy. By leveraging extensive market research, Curatio identifies the needs of dermatologists and cosmetologists, transforming innovative ideas into effective products. The company's world-class research and development expertise, combined with collaboration with research partners, enables it to deliver high-quality solutions tailored to the daily challenges faced by professionals in the field.
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