Wingreens Farms is in talks to raise $10 million in a bridge round led by Investcorp and Peak XV Partners, which are its existing investors.

The Gurugram-based company has also spoken with a few family offices who are likely to infuse some capital in the ongoing rounds. The company will use these funds to meet its working capital requirements.

Anju Srivastava, co-founder and CEO of Wingreens, said, “We have already signed a term sheet with Investcorp and Peak XV, but we are also engaging with a few family offices to see if they would be interested in participating in the same round before closing the deal,”.

Wingreens closed FY22 with a revenue of around Rs 200 crore, double from Rs 101 crore from its previous year. The company’s losses have also increased to Rs 54 crore from Rs 12 crore during the same period.

Srivastava added, “We now need working capital to grow and move forward. Last year because the funding environment was ebullient, we were growing our topline, but this year, the market is much tighter, so we need to focus on our bottom line for which we will need a bridge round so we can tide through these times”.

The Mayonnaise company faces competition from giants like Hindustan Unilever Limited, who have recently introduced Hellmann’s mayonnaise in India and have eaten away market share from Srivastava’s company.

Till now, Wingreens Farms have raised a total capital of sound $46 million from Omidyar Network India, urich-based responsibility Investments AG, Investcorp, Peak XV and others.