A duo of investors have acquired a minority interest in India’s Prataap Snacks with an open-market offer to purchase further shares.

Authum Investment & Infrastructure has joined with a vehicle referred to as PAC, in which Indian institutional investor Mahi Madhusudan Kela is named as “a person acting in concert with the acquirer”, to purchase 46.85% of the company.

According to multiple stock exchange and regulatory filings from Authum, PAC and Prataap Snacks, the deal is valued at the equivalent dollar amount of $101m. The shares have been acquired from Peak XV Partners, an Indian venture fund previously operating as Sequoia Capital India and Sea.

Publicly-listed Authum said in its own filing that the investor will hold 42.31% of crisps and nuts maker Prataap Snacks post the transaction.

In addition, Authum and PAC are seeking to purchase a further 26% in Prataap Snacks from shareholders at Rs864 ($10.3) a share.

Based in Indore in the state of Madhya Pradesh, Prataap Snacks produces the Yellow Diamond and Avadh brands. The portfolio also includes traditional Namkeen Indian snacks. It is led by CEO Amit Kumat.

Another Indian snacks deal was struck in August between Bikaji Foods and Ariba Foods.

Bikaji Foods took a 55% equity stake in Ariba Foods for Rs604.9m.

Ariba Foods, also based in Indore, produces Indian snacks and sweets, along with mixed vegetables, vegetarian and non-vegetarian burgers, paratha, samosa and roti.

Jaipur, Rajasthan-based Bikaji Foods is primarily focused on products such as bhujia spicy snacks, namkeen savoury snacks, potato chips and papads.

Set up in 1987, it supplies 23 of the 28 Indian states and four of the so-called union territories out of the eight across the country.

Last year, Bikaji Foods took a 49% stake in fellow Indian snacks maker and start-up Bhujialalji.

Set up in 2021, Bhujialalji supplies branded products such as bhujia, a fried and spiced snack originating from Bikaner in Rajasthan. It serves the e-commerce channel and so-called quick commerce, a delivery service common in India, and also select retail.