Mumbai, September 16, 2023 – In a significant milestone, Mumbai-based direct-to-consumer (D2C) company RMN Foods Pvt Ltd, widely recognized for its Bhoj Masale brand, has successfully secured Foreign Direct Investment (FDI) totaling USD 1 million from private equity investors based in Singapore. This groundbreaking deal marks a unique first in India, as the FDI was channeled through the innovative fintech platform, Aspire Singapore, to HDFC Bank India.
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Premium Spices, Premium Investment
RMN Foods Pvt Ltd specializes in the manufacturing and online marketing of Bhoj Masale, a range of premium export-quality spices. These exquisite spices can be exclusively found on the ONDC platform through Mystore. Additionally, consumers can conveniently purchase Bhoj Masale through popular shopping apps such as Amazon, Jiomart, and Meesho.
The brainchild of seasoned professionals Jyoti Bhojwani and Raajesh Bhojwani, both former bankers with a collective experience of 50 years in banking, international trade, ocean logistics, ship leasing, and FMCG, Bhoj Masale has been making waves in the culinary world.
Expansion Plans and Enthusiastic Leadership
Commenting on the promising deal, Jyoti Bhojwani, Co-Founder, and Managing Director of RMN Foods Pvt Ltd, expressed their excitement, stating, “Bhoj Masale’s team is thrilled to leverage the FDI proceeds to increase our manufacturing capacity and marketing efforts.”
HDFC Bank Ltd played a pivotal role by securing regulatory approvals from the Reserve Bank of India (RBI) to process the inward remittance of FDI. Raajesh Bhojwani, Co-Founder and Chief Business Officer of Bhoj Masale, expressed his delight, saying, “We are pleased to have received regulatory clearance from RBI for our FDI transaction. It’s noteworthy that, after the Global Fintech Festival 2023 in Mumbai, FDI has found its way into India through the Aspire Singapore fintech platform to HDFC Bank, marking a historic milestone. We are committed to becoming the preferred D2C brand for consumers.”
Geetaben Rabari: A Musical Brand Ambassador
Adding a touch of stardom to their brand, Bhoj Masale has roped in the renowned Gujarati folk singer and celebrity, Geetaben Rabari, as their inaugural brand ambassador. From day one, Geetaben Rabari’s association with Bhoj Masale promises to add a melodious and cultural dimension to the brand’s identity. Moreover, the company is offering a golden opportunity for customers to shop, play, and win a chance to secure free tickets for the prestigious India vs. Pakistan World Cup match at Narendra Modi Stadium in Ahmedabad, Gujarat.
Future Collaborations and Expansion
In the pipeline, RMN Foods Pvt Ltd intends to collaborate with major Q-commerce platforms, including Swiggy Instamart, Blinkit, Zepto, and Big Basket, in the forthcoming festival season. This strategic move aims to further establish Bhoj Masale’s presence and accessibility in the Indian market.
With this significant FDI injection and a promising future outlook, Bhoj Masale is poised to spice up the culinary experiences of households across India while contributing to the growth and innovation of the D2C sector in the country.