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India’s Leading Microbrewery, Independence Brewing Company, Closes A Transaction During The Pandemic

This deal was facilitated by Mumbai-based Ashika Capital Limited. The company has sold a majority stake to Miadiamante Food & Beverage Private Limited, a company owned by the Khanna family

Ashika Capital Limited, a future-focused investment banking firm under Ashika Group, facilitated a one-of-a-kind deal for Independence Brewing Company (IBC), one of the largest & oldest microbreweries in India. Nashik based Miadiamante Food & Beverage Private Limited, a company promoted by Krishen Lal Khanna & Anirudh Khanna of the Khanna family, which has promoted several successful entities in the past, has acquired a majority stake in the company via purchase from Indus Brew LLC, a US-based entity that invested in IBC. This is one of the few transactions that has been successfully executed in the F&B space in India since the lockdown was announced. 

Co-founded by Shailendra Bist, the majority of the stake in IBC was previously owned by Indus Brew LLC, including some pertinent & famous names in the global brewing industry & business ecosystem - Greg Koch (Co-founder, Stone Brewing Company) and Avanish Vellanki (Co-founder & CEO, Rain Therapeutics). IBC is widely present across Mumbai and Pune through its outlets and beer distribution business. Its revenues were ticking over 2 million USD until March 2020. 

Commenting on this deal, Mihir Mehta, Senior Vice President, Ashika Capital Limited said “As we know, the ongoing pandemic has affected our economy drastically, with the F&B sector being one of the worse affected sectors. This project came as a challenge to us during these trying times and we are glad to have successfully closed the deal with all the parties involved. It was a tough task to structure this transaction because the majority stake was owned by an American entity and multiple compliances & warranties had to be factored in.”

Further, Chirag Jain, CEO, Ashika Capital Limited said “At Ashika Capital, we work with investors across the world and provide them access to not only investment opportunities in India but also handhold them to exit those opportunities. This deal is a live example where we provided a smooth exit to a group of USA domiciled investors at the right time. It also marks our growing leadership in helping consumer businesses raise capital, even during the uncertain times we are in”.

While Miadiamante has purchased a majority stake in the company, the founder will continue to own a minority stake in the company and invest efforts in growing the business further. What was previously a US-based LLC has now been converted into an Indian family-owned company, which will run the business hereof. 

Shailendra Bist, Co-founder, Independence Brewing Company said “In such unprecedented times, we are extremely excited that Miadiamante Food & Beverage Private Limited sees an opportunity and value in investing in our products and our team. It shows immense vision for the future and courage on their end. We are rearing to go BIG!".”

In the past, Ashika Capital has worked with numerous brands in the consumer space, ranging from the sale of Devigarh Palace by Xander Group and facilitating funding for The Bohri Kitchen and Sweetish House Mafia to the sale of Pernia's Pop Up Shop. Last year, Ashika assisted the luxury fashion label House of Masaba to raise its first round of funding led by Binny Bansal.

Mehta added, “Companies should not put a pause to their funding plans due to the current scenario. It may be a good entry or exit point for a lot of businesses as well as investors.”

Ashika Capital is simultaneously helping other companies raise funds and is also mentoring them on sustenance. Stay tuned for more updates!

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Ashika Capital Shailendra Bist Chirag Jain

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