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Indonesian dairy and consumer foods company Cimory has received an investment worth US$130 million from United States-based private equity firm General Atlantic.
Cimory says it aims to use the funds for product development, digital marketing and expanding its distribution networks, among other purposes. The investment gives General Atlantic a 5.64 percent stake in the Indonesian company.
“With exciting economic growth being driven out of Indonesia and Southeast Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers,” Sandeep Naik, managing director and head of India and Southeast Asia at General Atlantic, said in a statement on Tuesday.
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