GRM Overseas Limited, a prominent Indian FMCG company, announced the launch of its new strategic platform, 10X Ventures, today. This initiative aims to drive growth by investing in digital-first D2C brands, lifestyle brands, and incubator opportunities.
The shares of GRM Overseas Limited were trading at ₹273.75, up by ₹10.95 or 4.17 per cent, on the BSE today at 3 pm.
The company plans to invest ₹200 crore in its first phase, with acquisition ticket sizes ranging from ₹20 crore to ₹40 crore. 10X Ventures will focus on revitalising smaller brands, incubating acquisitions, and targeting millennials and Gen Z consumers.
“The launch of 10X Ventures marks a pivotal step in our ongoing commitment to innovation and leadership in the FMCG sector. Our vision is to become a blended house of brands company, seamlessly integrating the strengths of traditional FMCG with the agility of e-commerce aggregators and roll-up models. This strategic approach allows us to stay at the forefront of industry trends while meeting the evolving needs of our consumers,” said Atul Garg, MD of GRM Overseas Limited.
This announcement follows the recent appointment of Bollywood actor Salman Khan as GRM’s brand ambassador for its basmati rice and wheat flour products, announced on August 21, 2024. The company aims to capitalise on Khan’s popularity to strengthen its brand identity, particularly for its 10X brand range, as it expands its growth strategy through 10X Ventures.