Mapro Foods Explores Strategic Partnership as Zydus Wellness, Blackstone and Apax Show Interest

Mapro Foods, the family-owned company known for its jams, syrups, crushes and squashes, is exploring the possibility of bringing in a strategic partner as it looks at options for the next phase of the business. 

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The discussions are still at an early stage. The Vora family, which owns Mapro Foods, is considering different structures, including the sale of either a minority or majority stake. No final decision has been taken so far. 

Zydus Wellness and private equity firms Blackstone and Apax Partners have shown initial interest. Other Indian and overseas strategic investors are also evaluating the opportunity, though no formal bids have been submitted yet. 

Mapro Foods has confirmed that it has received interest from several strategic and private equity investors, both domestic and international, and is evaluating the proposals. 

Vora Family Plans to Remain With the Business 

While different stake-sale options are being considered, the promoter family is not looking to completely exit Mapro. 

The discussions also extend beyond Mapro Foods to Mapro Gardens, the group’s tourist destination associated with its strawberry farms. 

The eventual structure remains open. A potential investor could seek a majority stake in one business and a minority holding in the other, a majority stake in both, or another combination. The size of the stake that may ultimately be sold has not yet been decided. 

Zydus Wellness owns consumer brands including Complan, Glucon-D, Nutralite, Sugar Free and RiteBite Max Protein. 

Blackstone has previously shown interest in the Haldiram’s transaction, while Apax Partners has invested in Bengaluru-based ready-to-cook food company iD Fresh Food. 

Blackstone and Apax Partners declined to comment on the development. Zydus Wellness had not responded to Moneycontrol’s queries at the time the report was published. 

Mapro’s Business Spans Foods and Experiential Destinations 

Mapro was founded in 1959 in Panchgani, Maharashtra. Its name is derived from Mahabaleshwar Products, and the business is promoted by the Vora family. 

Beyond its well-known jams, syrups, crushes and squashes, Mapro manufactures dessert toppings, ketchup, fruit jellies, premium chocolates and snacks. Its portfolio also includes Mapro Lounge, Falero, Mazaana, Snackery and Whitty. 

According to information from the company’s website cited in the report, Mapro processes around 3 lakh metric tonnes of fruit annually. Its three experiential destinations together attract more than 3 million visitors. 

Financial data cited by Moneycontrol from Tracxn showed Mapro Foods Private Ltd recorded revenue of ₹195.2 crore in FY25. Profit stood at ₹37.1 crore, while EBITDA was ₹55.5 crore. 

The company currently has no external investors and is entirely owned by the promoter family, according to the Tracxn data cited in the report. 

Deal Activity Continues in India’s Food Business 

Mapro’s discussions come alongside several transactions and investment moves in India’s food and restaurant sector. 

Moneycontrol reported on September 21 that Advent International had started the sale process for DFM Foods, the company behind the Crax snacks brand, at a valuation of up to $400 million. 

Investors including Temasek, IHC and Alpha Wave Global, ChrysCapital, Vixar, General Atlantic, Inspira Global and Marico have invested in businesses including Haldiram’s, Theobroma, Belgian Waffle, Balaji Wafers, Restaurant Brands Asia and 4700BC. 

Strategic acquisitions have also continued. ITC has invested in Yoga Bar and Prasuma, while Agro Tech Foods acquired Del Monte Foods. 

Tata Consumer Products recently increased its holding in Capital Foods, the company behind Ching’s Secret, to 80% after acquiring an additional 5% stake. Orkla India, the owner of MTR Foods, has also indicated that acquisitions will remain part of its growth plans. 

For Mapro, discussions with prospective partners remain at an exploratory stage, and there is currently no certainty that they will result in a transaction.