Kotak family office buys majority stake in US snack brand

MUMBAI: Kotak Mahindra Bank founder Uday Kotak's family office USK Capital has acquired a majority stake in Go Raw, a Chicago-based seed-centric snack brand, marking its first investment outside India and its debut in the consumer sector.

The stake was acquired from Juggernaut Capital Partners, a middle-market private equity firm, and other early-stage investors. USK did not disclose the exact quantum of stake it has acquired in Go Raw's holding company Freeland Foods, or the consideration paid for the transaction.

The deal was executed through one of USK Capital's overseas entities under the overseas direct investment route.

USK Capital chief investment officer Venkat Subramanian said, "The desire for healthy eating is a growing global trend, and the US consumer is embracing the same. Go Raw has a successful track record of robust growth and a growing retail footprint in the US."

USK Capital was set up by Kotak in 2023, the year he stepped down as CEO of Kotak Mahindra Bank. Kotak and his family own about 26% of the bank, which is India's third-largest private-sector lender with a market cap of $47 billion.