Convergent Finance backs logistics firm Jyoti International Foods

Private equity firm Convergent Finance LLP will invest $14.1 million (nearly Rs 1.07 billion at the current exchange rate) in Jyoti International Foods Private Limited, a supply chain solutions provider for the food services industry. As part of the deal, Mumbai-based Convergent will pick up a significant minority stake in Pune-headquartered Jyoti. Jyoti, which began operations in 2005, focuses on services such as distribution, logistics, supply chain management, warehousing and procurement planning. This capital will be used by Jyoti for upgrading its technology stack and developing new markets for its services. It will also use the money for merger and acquisition and business expansion.