Kotak family office makes maiden foreign investment; acquires US snack brand Go Raw

New Delhi: USK Capital, the family office of billionaire banker Uday Kotak, has acquired a majority stake in US-based snacking brand Go Raw, marking its maiden foreign investment through the overseas direct investment (ODI) route.

The family office acquired a majority interest in Freeland Foods LLC, the owner of the Go Raw brand, through one of its operating entities, according to a company statement. Juggernaut Capital Partners, a middle-market private equity firm, and other early-stage investors sold their stakes as part of the transaction. Financial details were not disclosed.

“The desire for healthy eating is a growing global trend, and the US consumer is embracing the same. Go Raw has a successful track record of robust growth and a growing retail footprint in the US,” USK Capital chief investment officer Venkat Subramanian said.

Go Raw positions itself as a “sprouted” snack brand, with products spanning sprouted seeds and seed-based offerings such as clusters, granola and salad toppers, as per its website and investor disclosures. The brand is retailed through major natural and grocery channels in the US, including Whole Foods Market, where multiple Go Raw SKUs are listed.

The transaction comes as “better-for-you” snacking remains one of the more active segments within the US packaged food market, shaped by ingredient scrutiny and demand for protein-forward, plant-based and minimally processed options. Grand View Research has projected the US better-for-you snacks market to reach about US$ 19.8 billion by 2030, with a 2025–2030 CAGR of 7.4 per cent.

Go Raw’s positioning also overlaps with the snack bars and on-the-go nutrition space. Grand View Research estimates the global snack bars market at US$ 29.59 billion in 2024 and projects it to reach US$ 44.25 billion by 2030.

For Juggernaut Capital Partners, the sale marks an exit from a consumer brand it backed in 2017. The firm has said that during its ownership, Go Raw expanded distribution across grocery, natural, club and e-commerce channels, while broadening its product portfolio.

For USK Capital, the deal signals a step-up in direct overseas investing by Indian family offices, amid a growing focus on global diversification. Industry watchers have also pointed to evolving ODI frameworks and rising outbound investment appetite as drivers of such moves.

USK Capital did not outline its expansion plans for Go Raw. However, the acquisition adds to a broader pattern of Indian capital backing overseas consumer brands, particularly in categories aligned with health and wellness trends, where brands are competing on “clean label” claims, functionality and wider retail penetration.