Epigamia has completed a secondary transaction worth more than $20 million, with long-time investor Verlinvest and the family of late co-founder Rohan Mirchandani increasing their stakes in the dairy and snacking company. The transaction also brings Sauce.vc onto Epigamia’s cap table, while early investors including DSG Consumer Partners and Deepika Padukone’s KA Enterprises sold part or all of their holdings. Because the deal is secondary, Epigamia itself does not receive fresh capital from the transaction.
The deal comes as Epigamia enters a new phase under CEO Ritesh Gauba, with the company targeting more than ₹700 crore in annual recurring revenue (ARR) by the end of the current financial year and more than ₹1,000 crore in ARR in FY28. The company says it is profitable and cash-flow self-sufficient, allowing it to focus on manufacturing expansion, product innovation and distribution rather than raising new operating capital immediately.
Epigamia’s $20 Million Secondary Deal
The transaction involves existing shareholders transferring shares to other investors. Verlinvest and the Mirchandani family have increased their ownership, while Sauce.vc has joined the shareholder base. DSG Consumer Partners, KA Enterprises and other early investors were among those selling stakes. Exact shareholding changes and the valuation of Epigamia were not disclosed.
The structure is important because a secondary transaction is fundamentally different from a primary fundraising round. In a primary round, new shares are issued and the company receives capital. In this transaction, ownership changes hands between shareholders, meaning the proceeds go to selling investors rather than into Epigamia’s balance sheet.
Deal Snapshot
| Particular | Details |
|---|---|
| Transaction value | More than $20 million |
| Deal type | Secondary transaction |
| Company | Epigamia / Drums Food International |
| Increased stakes | Verlinvest, Mirchandani family |
| New investor | Sauce.vc |
| Selling investors | DSG Consumer Partners, KA Enterprises and other angels |
| Fresh capital for Epigamia | None |
| Exact valuation | Not disclosed |
| Current CEO | Ritesh Gauba |
| Business status | Profitable and cash-flow self-sufficient |
The transaction effectively reshuffles Epigamia’s ownership toward investors that intend to remain involved in its next stage of growth.
Verlinvest Deepens Its Long-Term Bet
Verlinvest has been one of Epigamia’s earliest institutional backers. The investment firm first invested in the company in 2016 through a $6 million Series A round and subsequently increased its stake through multiple funding rounds. It is currently the company’s largest shareholder, according to Mint.
Verlinvest’s decision to increase its holding represents a continued commitment to an investment that has now lasted roughly a decade. The firm said the decision reflects its confidence in Epigamia’s brand, leadership and opportunity in India’s evolving food and beverage market.
The move also fits Verlinvest’s broader India strategy. The private-equity investor has increasingly focused on consumer-facing businesses in India and has been writing larger checks across growth and venture investments. Its Indian portfolio includes consumer brands such as Blue Tokai Coffee Roasters, Lahori Zeera, Veeba and Purplle.
Verlinvest’s Epigamia Journey
2016
Verlinvest backs Epigamia
↓
Multiple funding rounds
↓
Largest shareholder
↓
2026
Increases stake in $20M+ secondary deal
↓
Long-term growth partnership
The additional investment therefore appears to be more about ownership consolidation and long-term conviction than providing emergency funding to the company.
Mirchandani Family Increases Ownership
The Mirchandani family’s increased stake carries particular significance because Epigamia was founded by Rohan Mirchandani, who died in December 2024 at the age of 42. The company has continued operating under its existing leadership since his death.
Swaraj Mirchandani, representing the family, said the family was pleased to increase its ownership and help build the vision Rohan had for Epigamia.
The decision provides continuity at the shareholder level as the company enters its next growth phase.
Epigamia subsequently appointed Ritesh Gauba as CEO in May 2026, while Ankur Goel was elevated to co-founder and COO. The leadership changes followed a strong FY26 performance, with the company reporting more than 50% growth and improved profitability.
Sauce.vc Enters Epigamia’s Cap Table
The transaction also marks the return of Manu Chandra to Epigamia’s shareholder base through Sauce.vc.
Chandra had personally invested in the business when it was still called Hokey Pokey in 2014, before the company became Epigamia. He later founded Sauce.vc in 2019 with a focus on early-stage consumer brands.
Sauce currently manages approximately ₹1,600 crore across six funds, according to Mint. Its portfolio includes consumer businesses such as Hocco Ice Creams, The Whole Truth Foods, Innovist and Mokobara.
The Epigamia transaction is notable because it represents Sauce’s first growth-stage investment outside its existing portfolio, according to Chandra.
Investor Positioning
| Investor | Position In Transaction |
|---|---|
| Verlinvest | Increased stake |
| Mirchandani family | Increased stake |
| Sauce.vc | New shareholder |
| DSG Consumer Partners | Selling shareholder |
| KA Enterprises | Selling shareholder |
| Other angel investors | Some sold stakes |
The combination gives Epigamia a shareholder base with a mix of long-term strategic investors and consumer-focused growth capital.
Epigamia Targets ₹700 Crore-Plus ARR
Epigamia’s ownership reshuffle comes as the company sets ambitious operating targets.
CEO Ritesh Gauba said the company aims to exit the current financial year with more than ₹700 crore in ARR and reach more than ₹1,000 crore in ARR in FY28. Management has also said it wants to double the business every 24 to 30 months.
Epigamia Growth Targets
Current FY
₹700 Cr+ ARR
↓
FY28
₹1,000 Cr+ ARR
↓
Long-Term Ambition
Double business every
24–30 months
These targets imply continued expansion across both existing and newer product categories.
Greek Yogurt Remains The Core Business
Greek yogurt continues to account for more than half of Epigamia’s revenue, making it the company’s most important category. The business has gradually expanded beyond yogurt into a wider range of value-added dairy and protein products.
Its newer offerings include protein milkshakes, smoothies, lactose-free products, high-protein paneer and milk products aimed at children.
The strategy reflects a broader shift in Indian food consumption toward convenient, protein-rich and health-oriented products.
Epigamia Product Expansion
| Category | Examples |
|---|---|
| Core dairy | Greek yogurt |
| Protein | Protein milkshakes, high-protein paneer |
| Beverages | Smoothies, protein drinks |
| Dairy alternatives/variants | Lactose-free products |
| Children’s products | Vitamin D- and fiber-rich products |
| Future focus | Further value-added dairy innovation |
The diversification also gives Epigamia more opportunities to increase customer frequency and expand its average basket beyond its original Greek-yogurt franchise.
Quick Commerce Is Reshaping Distribution
Epigamia’s growth is closely linked to the rapid expansion of quick-commerce platforms in India.
The company operates across more than 150 cities, with quick commerce contributing roughly 50% to 60% of monthly revenue and offline channels accounting for around 40%, according to management.
The rise of platforms such as Blinkit, Instamart and Zepto has made it easier for consumers to purchase chilled and perishable products with short delivery times.
Epigamia Distribution
Quick Commerce
~50–60% of revenue
│
├── Fast urban delivery
├── Greater product discovery
└── Wider consumer access
Offline
~40% of revenue
│
├── General trade
└── Modern trade
This distribution model is particularly relevant for dairy products because cold-chain availability and last-mile speed can influence both product quality and consumer convenience.
Manufacturing Capacity Is The Next Focus
While the latest deal does not inject fresh money into Epigamia, the company has been investing in manufacturing capacity using its own cash generation.
Epigamia operates eight factories at roughly 85% capacity utilization, with facilities located in Maharashtra, Rajasthan and Andhra Pradesh. Most are operated through co-manufacturing partners. The company is also preparing to bring a larger manufacturing facility online.
Management has said backend capabilities will be a major investment priority over the next two to three years.
This is important because product expansion can put pressure on manufacturing capacity, supply-chain reliability and quality control. Scaling production will be necessary if Epigamia is to meet its ARR targets while maintaining profitability.
Epigamia’s Financial Position Has Improved
Epigamia says it is now profitable and cash-flow self-sufficient, which means it does not have an immediate need to raise fresh capital.
That represents a significant change from the capital-intensive phase common to consumer startups, when companies typically depend on successive funding rounds to finance distribution and expansion.
The company’s management has attributed recent growth partly to the expansion of quick commerce and stronger execution across its distribution network. Epigamia reported more than 50% revenue growth over the previous two years, according to Mint.
Key Operating Indicators
150+ Cities served
25,000+ Retail touchpoints
~85% Factory capacity utilization
50%+ Revenue growth reported over two years
50–60% Revenue contribution from quick commerce
₹700 Cr+ Current FY ARR target
₹1,000 Cr+ FY28 ARR target
The numbers show a business moving from startup-scale experimentation toward a larger consumer-goods operating model.
Why The Secondary Deal Matters
Secondary transactions can provide an exit route for early investors without requiring a company to issue new shares or raise additional operating capital.
For Epigamia, the transaction allows some early backers to realize returns while bringing Verlinvest and the Mirchandani family more firmly into the ownership structure. Sauce.vc’s entry adds another investor with experience in India’s consumer sector.
The transaction can therefore be viewed as a cap-table consolidation rather than a conventional fundraising event.
That distinction matters for investors and industry observers because Epigamia’s operating cash position remains separate from the $20 million transaction value.
Risks And Challenges Ahead
Epigamia’s growth targets come with several execution challenges.
The dairy and snacking market is becoming increasingly competitive, with established food companies and newer consumer brands competing for health-conscious consumers. Maintaining premium positioning while controlling production and distribution costs will be important.
Quick commerce is another potential concentration risk. While these platforms have helped Epigamia expand reach and convenience, dependence on a small number of large distribution partners can create pricing and margin pressures.
The company must also manage cold-chain logistics because dairy products have shorter shelf lives and require careful storage and transportation.
Key Challenges
- Maintaining profitability during rapid expansion
- Scaling manufacturing capacity
- Managing cold-chain logistics
- Reducing dependence on individual distribution channels
- Competing in the protein and healthy-food categories
- Building newer products beyond Greek yogurt
- Achieving ₹700 crore-plus and ₹1,000 crore-plus ARR targets
The company’s ability to grow while preserving cash generation will be an important indicator of the strength of its business model.
The Bigger Picture
The $20 million-plus secondary transaction marks an important ownership transition for Epigamia rather than a conventional capital raise. Verlinvest and the Mirchandani family are increasing their commitments, while Sauce.vc joins the shareholder base and several early investors take the opportunity to exit.
More broadly, the deal reflects the maturation of India’s premium dairy and healthy-food market. Epigamia has moved beyond its original Greek-yogurt proposition into protein drinks, smoothies and other value-added products while using quick commerce to reach consumers across more than 150 cities. Its next challenge is to scale manufacturing and distribution sufficiently to support ambitious ARR targets without sacrificing profitability.
Looking Ahead
Epigamia’s immediate focus will be on expanding manufacturing capacity, strengthening backend operations and continuing product innovation. With management targeting ₹700 crore-plus ARR in the current financial year and more than ₹1,000 crore in FY28, the company will need to sustain strong growth while keeping its cash-flow position healthy.
The strengthened ownership structure could provide greater continuity as Epigamia enters this next phase. Verlinvest’s larger commitment, the Mirchandani family’s increased stake and Sauce.vc’s entry give the company a group of investors with consumer-sector experience and a longer-term interest in its growth. Whether Epigamia can translate its healthy-food positioning and quick-commerce reach into sustained scale and profitability will be the key test ahead.
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