Perth-headquartered Praveen Kumar, a producer of premium, restaurant-quality Indian ready meals, has secured a £400,000 investment from the Investment Fund for Scotland (IFS), an Equity Finance fund managed by Maven Capital Partners (Maven) and delivered by the British Business Bank.

Founded by husband-and-wife Praveen and Swarna Kumar, born and educated in rural Southern India, the Kumars wanted to provide the same authentic Indian cuisine they grew up with to the UK consumer. Through their frozen curry brand, listed in several UK retailers and farm shops (including ASDA and House of Bruar) and available to purchase online directly, they have produced a quality, flavoursome product which draws from their Indian heritage, with spices sourced directly from the Kumar family farm in India.

The IFS investment will enable the business to continue its impressive rollout across both new and existing retailers and local independent stores. Funding will also support the growth of Praveen Kumar’s sales and marketing function as its award-winning ‘Curry Club’ expands nationwide.

Rob Stevenson, Investment Manager at Maven, said: “The business has achieved impressive growth to date. 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.”

Praveen Kumar said: “It has been a pleasure working with the team at Maven, and I am very grateful for all their support. The funding will help fuel our ongoing business growth via our online curry club and growing retail partners across the country, supporting our ongoing mission to make our authentic, healthy dishes available to everyone across the UK.”

Sarah Newbould, Senior Investment Manager, Nations and Regions Funds, at the British Business Bank, said: “Scotland is home to a burgeoning food and drink sector, and it is great to see Praveen and Swarna’s growing brand now available in the frozen aisles in supermarkets across the country. The Investment Fund for Scotland was established to help entrepreneurs in all sectors access the funding they require to develop and thrive, whoever they are and wherever they are based.”

This transaction marks the fourth investment made by IFS Maven Equity Finance. The Fund has also backed 3D-printed micro-tumour specialist Carcinotech, MedTech company Calcivis, and Glasgow University spinout Nami Surgical. The £150m IFS covers the whole of Scotland and provides loans from £25,000 to £2m and equity investments up to £5m to help a range of small and medium-sized businesses start up, scale up, or stay ahead.

The Investment Fund for Scotland’s purpose is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across Scotland. The Fund will increase the supply and diversity of early-stage finance for smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers to access to finance.