CESC Ventures picks 8.49% stake in tech firm

RP Sanjiv Goenka group company CESC Ventures on Thursday said it has acquired 8.49 per cent stake in a Mumbai-based small technology company Peel-Works Private Limited at a total cost of Rs 20.99 crore. The deal was made to support the group's FMCG business that sells Too Yum brand snacks.

CESC Ventures said Peel-Works is a technology-driven distribution company which supplies goods - food, grocery and consumer products - to retailers and wholesalers where orders are collected through a software application. The company said this is an emerging, early-stage growth business having synergy with FMCG and retail business.

CESC Ventures will acquire 4,134 Compulsorily Convertible Preference Shares of Peel-Works at a total consideration amounting to Rs 20.99 crore. The group was aiming at a Rs 10,000 crore revenue from FMCG business in the next three to four years, the company had said earlier..