Global alternative investment company Investcorp has spearheaded a Rs3.4bn ($41m) investment in Indian paper-based packaging solutions provider Canpac Trends.

The deal will offer JM Financial India Fund II, which has been invested in Canpac since 2021, a partial exit opportunity.

This investment will support Canpac in extending its production presence to key manufacturing hubs nationwide.

Additionally, it will help accelerate expansion through acquisitions and boost research and development (R&D) initiatives.

Investcorp India Investment Business head Gaurav Sharma said: “At Investcorp, we are always on the lookout for companies run by ambitious first-generation entrepreneurs that we believe will outperform peers.

“Nilesh Todi has demonstrated that, with consistent execution over a period of time. Paper packaging also champions sustainability, a key Investcorp priority for each one of our investments across all our geographies.”

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The company provides folding carton solutions to different industries such as fashion and retail, food services, fast-moving consumer goods, and industrial products.

It also offers paper bags, luxury boxes, corrugated cartons, and flexible laminate solutions, in addition to its folding cartons.

It operates four modern manufacturing facilities in Ahmedabad, Kolkata, and Tiruppur, all in India.

Meanwhile, the company’s advanced R&D facility offers customers real-time sampling and customised packaging solutions.

Canpac founder Nilesh Todi said: “This investment comes at a vital point in our growth journey as we continue to expand our presence across India.

“This funding round will enable us to scale up our manufacturing and sales capabilities. We are delighted to partner with Investcorp, a globally recognised investor with a strong track record of adding value to investee companies.”