Baker's Dozen raises fund from Fireside Ventures with the assistance of DSK Legal
DSK Legal advised Mimansa Industries Private Limited (“Company”), a company engaged in the business of manufacturing and
Baker's Dozen raises fund from Fireside Ventures with the assistance of DSK Legal
DSK Legal advised Mimansa Industries Private Limited ("Company"), a company engaged in the business of manufacturing and selling wide range of fresh bakery products under the brand named "The Baker's Dozen" on both online and offline channels; and its Founders, Mr. Sneh Jain and Ms. Aditi Handa ("Founders") in relation to their Pre-Series A Round from Fireside Ventures Investment Fund – II ("Investor").
The Company has been operational for over 9 years from its state of art manufacturing facility in Ahmedabad, Gujarat and runs and operates over 45+ brand locations across the country. In addition to the primary manufacturing facility, the Company also operates/manages several cloud kitchens across the country. The Company will use the proceeds from the investments for: (i) expansion of its operations including online presence; (ii) customer acquisition; and (iii) brand building.
The company has already established itself in Tier I and Tier II cities in India and is now expanding into the Middle East and eventually Southeast Asian markets. With the investment, the company expects to increase both its domestic and international presence.
According to Prayag Mohanty from Fireside Ventures, their decision to invest in The Baker's Dozen (TBD), is backed by the fund thesis of looking for innovative white spaces within the overall D2C products space. He added, "TBD brings in the packaged version of artisanal bakery products which is addressing a huge market backed by technology innovations around processing and packaging at the backend. It is this combination of safe, healthy and delicious baked long-shelf-life products which led us to make this investment in TBD."
The Baker's Dozen reportedly increased in size by nearly five times since its launch in 2013, with 2021–22 sales reaching up to Rs 30 crore. It is further hoping to expand across e-commerce and Q-commerce markets.
The scope of work of DSK Legal included: (i) reviewing, finalising term sheet for the transaction; (ii) revising, negotiating and finalising the Transaction Documents executed between Company, its Founders and Investor; (iii) assisting in completing CPs; and (iv) assisting in closing of the transaction.
DSK Legal team for the above transaction was led by Associate Partner Mr. Jayesh Kothari, Senior Associate Ms. Hemanshi Gala and Associate Mr. Kunal Chopra.
IC Universal Legal acted as legal advisors to the Investor. Privado Capital acted as financial advisors and bankers to this transaction.
The deal is valued at USD 5 Million.