Praveen Kumar Secures £500K Investment via The Angel’s Share

Perth based company, Swarna Spice Ltd, owned and operated by local entrepreneurs, Swarna and Praveen Kumar, has successfully secured £500K of funding following a successful pitch to investors via The Angel’s Share.

Swarna Spice Ltd, better known by its brand name, Praveen Kumar Ready Meals, launched in 2019 and in the five years since, has grown to include a UK wide B2B retail network for their premium ready meals, a direct-to-consumer curry club subscription model, and a food service arm supplying national hotel groups and pub chains.

Today, Swarna Spice Ltd is valued at £2.5 million, and has undergone three rounds of funding totalling £830K to allow Praveen and Swarna to realise their ambitions to achieve a £25 million turnover by 2030.

The most recent of these funding rounds totalled £500K, and secured the Company their single largest investor, Maven Equity Finance to the tune of £400K. The balance came from two existing investors who each increased their stake by £50K.

The investment is a result of two successful pitches via Perth & Kinross Council’s Angel’s Share programme. The Angel’s Share is a facilitation programme that provides growth-ready, innovative businesses with the opportunity to pitch for investment to experienced, certified investors.

Praveen Kumar first pitched to the investors in April 2023 and was invited back in November of the same year as a spotlight business following a number of deals that had been taking place, coming to fruition.

Praveen commented, “Pitching in April 2023 was a great opportunity for us but we had so many deals in the pipeline it was difficult to quantify our success. Six months later and our story was far more compelling with trade customers such as Asda, co-op and CJ Laing Spar all placing regular orders. As well as this, we had grown our UK network of farm shops and small chain garden centres, which collectively make up a sizeable market share.”

A regular attendee at The Angel’s Share events in Perth, Maven Equity Finance approached Praveen a few days after his second pitch, inviting him to expand further on his business plan and projections. Within a month, they had delivered on a Shared Interest to Invest, and by early summer the deal had been signed.

Praveen explains, “Maven offered £400K on the proviso we raised the remaining £100K of our ask from elsewhere. We are fortunate to have long term, committed investors, two of whom gave an additional £50K each. This secured the deal, and we received our first tranche of capital in June 2024, and the second in November 2024.”

Mark Scott, founder of Bella & Duke Raw Pet Food, is one of investors who chose to increase his stake. He is also the Chairman of the Board of Directors at Swarna Spice Ltd and has mentored Praveen and Swarna for the past three years.

He commented, “Having built Bella & Duke from Blairgowrie, I know that Perthshire is an ideal base from which to grow a successful, UK-wide brand. When it comes to investing, I look to the entrepreneur as well as the business and for me, Praveen ticks all the boxes. Strong ideas, great work ethic, and the ability to face challenges head on. Choosing to increase our initial investment, in order to secure the next funding round and subsequent growth plan, was an easy decision to make.”

Funding secured, Swarna and Praveen Kumar are looking to their next steps. Plans for 2025 include increasing the sales force with a view to growing the retail business, and investing in marketing and brand building across the UK.

Praveen continued, “This latest funding round has allowed us to take a confident step up with more people on the ground and a larger brand presence. It also allows us the cash flow to increase our customer base in the large-scale supermarkets and we are already in conversation with two well-known national chains.”

Rob Stevenson, Investment Manager at Maven commented, “Praveen and Swarna’s business has achieved impressive growth to date, and Praveen is an entrepreneurial CEO with a wealth of experience in the restaurant and hospitality sector. With consumers increasingly turning to ready meals as a substitute for traditional takeaway options we’re delighted to back the company to drive the growth of its premium product and support Praveen and his team as the business scales.”

Finlay Kerr, who is contracted to deliver The Angel’s Share on behalf of Perth & Kinross Council via his consultancy Raising Expert, made the decision to invite Praveen back to the table for his November 2023 spotlight.

“It was clear from their original pitch that Praveen and Swarna are exceptional entrepreneurs. I knew they had made some fantastic progress in the business, in particular with contracts in retail multiples and as such, I was confident that in inviting them back to update our audience of investors, funding would follow."

"Praveen Kumar is an excellent example of the type of entrepreneur we seek to showcase through The Angel's Share programme. As a business, Swarm Spice Ltd has good traction in the marketplace, with a solid growth trajectory and a desire to secure the capital and expertise that will allow them to move to the next level.

“We have found that this is a winning combination for local and regional investors, including solo angels, angel groups or VCs.”

Mark Scott also commented on the programme, “Having programmes such as The Angel’s Share is a vital lifeline for many young businesses, many of whom need more than just funds. By cultivating both investor and business relations, it is possible to creating meaningful partnerships that offer the experience required to shape strategy that will ensure positive and sustainable growth. The programme offers all of this, and more.”

Praveen concluded, “We are very grateful to The Angel’s Share, and to Kirsty and the Business Growth Team at PKC who have always been great advocates and supporters of our brand. We look forward to continued growth into 2025 and beyond, including an increased workforce and wider UK presence.”

About The Angel’s Share Investment Opportunity, in Perth & Kinross, Scotland

Focused on nurturing an area-wide culture of ambition and entrepreneurship, the Angel’s Share programme considers factors such as industry experience, business personality, needs out with funding and time available to invest. In doing this, The Angel's Share aims to maximise both the capital investment and the long-term business potential.

Finlay explains, “Programmes such as The Angel’s Share bolsters growing businesses, allowing them to move to the next level and to deliver a positive impact on the local economy. In my opinion, by offering this service and by encouraging meaningful inward investment, Perth & Kinross Council is providing innovative and creative business support for economic growth.”