Cremica Foods buys back Kroll's 35% stake, plans IPO next year
Kalpana Maurya
1 Oct 2026 · 3 min read
Cremica Foods Industries, the ketchup and condiments maker run by Akshay Bector, has repurchased the 35% stake held by Kroll and is preparing for a public listing next financial year. The family now owns about 90% of the company, which expects around ₹450 crore in sales this year.
Cremica Foods Industries has bought back the 35% stake held by institutional investor Kroll and is preparing for a possible IPO in the next financial year, chairman and managing director Akshay Bector told Mint in a report published on 30 September 2026. He said the listing could value the company at ₹1,500-2,000 crore.
The deal replaces an earlier plan to raise ₹500 crore privately. After the transaction the Bector family owns about 90% of Cremica, with angel investors holding the rest. Bector did not disclose what Kroll was paid.
Next steps toward listing
Bector said the company will now focus on appointing investment bankers. A separate report by Whalesbook put the likely issue at ₹600-700 crore, a mix of fresh shares and an offer for sale, with the family diluting about 25-26%; Mint did not report an issue size.
For the current financial year, Bector expects sales of about ₹450 crore and EBITDA of ₹65-70 crore. Market intelligence platform Tracxn puts Cremica's FY25 consolidated revenue at ₹319.3 crore.
Ratings agency Infomerics said in an August 2026 report that Cremica had kept margins steady despite a sharp rise in oil prices by passing most cost increases on to customers. Bector said the company has done the same with sugar, cooking oil and wheat, whose prices have risen in recent months.
Expansion plans
The company wants to grow its branded foods business and its overseas operations. Bector said Cremica is in early talks with customers in West Asia and Southeast Asia, regions where tomato production is limited, and is expanding in the UK. He expects these deals to start contributing by FY28.
How Kroll came to own the stake
In June 2016, India Agri Business Fund II, advised by Rabo Equity Advisors, bought a minority stake in Cremica for $15 million. In 2022, Rabo Equity Advisors sold its partnership in the fund to the asset-management arm of advisory firm Kroll, which is how Kroll came to hold the stake.
About Cremica Foods
Cremica Foods supplies ketchup and condiments to fast-food chains such as McDonald's and Subway in India, and sells ketchups, sandwich spreads, salad dressings, chutneys and mayonnaise under its own Cremica brand. It also supplies the hotel, restaurant and catering trade.
The company is part of the Bector family's food business. The family also runs Mrs Bectors Food Specialities, founded by Akshay's mother Rajni Bector. Under a 2013 family settlement involving the three Bector brothers, the biscuit and bakery business was separated from condiments. Mrs Bectors, now run by Anoop Bector, listed in December 2020; Cremica, the condiments business, is run by Akshay Bector.
Key facts
- Company: Cremica Foods Industries
- Chairman and MD: Akshay Bector
- Deal: buyback of Kroll's 35% stake (price undisclosed)
- Ownership after deal: about 90% Bector family, rest angel investors
- IPO timing: next financial year
- Expected valuation: ₹1,500-2,000 crore
- FY27 outlook: sales about ₹450 crore, EBITDA ₹65-70 crore
- Reported: 30 September 2026
Frequently asked questions
What stake did Cremica Foods buy back?
The 35% stake held by Kroll, whose asset-management arm took over the India Agri Business Fund II that first invested in 2016. The price was not disclosed.
When is Cremica Foods planning to list?
In the next financial year. It is now appointing investment bankers and expects a valuation of ₹1,500-2,000 crore.
Who runs Cremica Foods?
Akshay Bector, its chairman and managing director. The family's bakery business, Mrs Bectors Food Specialities, is listed separately and run by Anoop Bector.
How big is Cremica Foods?
Bector expects sales of about ₹450 crore and EBITDA of ₹65-70 crore this financial year.
