Gurgaon-based frozen yogurt chain, Cocoberry Retail Pvt Ltd is looking to raise around private equity funding of Rs.70 Cr.

It is in talks with PE firms like Dubai-based Abraaj Capital, Norwest Venture Partners, Temasek Holdings and Bahrain-based PE firm Arcapita, for funding.

The funding, if happens, will help Cocoberry enter the Middle East region besides expanding its reach within India.

Transaction Reference: Economic Times

Founded in 2009 and a part of Horizon RHI Group, which owns frozen yogurt chain 'Cocoberry', is also venturing into soups and beverages.

It also plans to tie up with other retailers to strengthen its distribution network. It has struck deals with hospital chain Fortis Healthcare and multiplex chain DT Cinema to open Cocoberry outlets in their premises. Cocoberry is also venturing into soups and beverages.

Cocoberry mostly works through a franchise method. It sells its products across 27 retail outlets in the country. It plans to increase the number of outlets to 100 by the end of this year and a total of 500 stores in India, Southeast Asia and the Middle East by 2015 at an investment of Rs.120 Cr.

Earlier this year, Cocoberry raised $2 million (about Rs.10 Cr) from Ajay Relan, founder of private equity fund CX Partners, to expand its business across geographies and to introduce new products.

While Amul and Nestle operate in the packaged yoghurt segment, Cocoberry and Kiwi Kiss are into the freshly served yoghurt space.

In the food and beverages market, in May, ICICI Venture invested Rs.250 Cr for 10% stake in RJ Corp's Devyani International Limited, valuing the company at Rs.2,500 Cr. Devyani International runs restaurant chains of Yum-Restaurants-owned Pizza Hut and KFC and UK-based coffee chain Costa Coffee, in India.

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