New Delhi, Oct 17 (PTI) Aniket Metals, a manufacturer of kitchenware and kitchen appliances, on Thursday said it has raised Rs 55 crore by selling a minority stake to Bharat Value Fund (BVF), managed by Pantomath Capital Management.

Aniket Metals, which has a manufacturing unit in Valsad, Gujarat, is one of the leading exporters and manufacturers of kitchenware and cutlery.

Established in 2012, Aniket Metals is a strategic supplier to US retail giant Walmart Inc and currently serves seven of the world’s top 10 retailers, including ASDA, TJX, ROSS Inc and Lidl.

“With the government’s ‘Make in India’ initiative and ‘China Plus One’ global strategy, we plan to rapidly expand our manufacturing facilities to leverage India’s growing industrial prowess and ever-increasing consumption.” , declared its general manager Nachiket Shah.

“Our aim is to become one of India’s largest consumer brands in the coming years. We are happy to partner with BVF in our efforts to grow quickly and efficiently,” he added.

In 2020, it acquired the Italian brand “MORINOX” to integrate Italian automation and design into its product range.

Aniket Metals is now planning to launch its brand ‘METALUX’, which will hit the shelves of major retailers during Diwali, followed by launches on e-commerce and fast trade platforms.

“The company has an aggressive distribution strategy and aims to be available nationally across all channels by the first quarter of 2025,” according to a company release.

BVF is an alternative investment fund (AIF) launched by India Inflection Opportunity Trust (IIOT) in August 2024, with a targeted corpus of Rs 2,000 crore.