27th November 2025, New Delhi: Ace International Limited has raised 35mn USD (~₹305 crore) to accelerate growth in its advanced nutrition and dairy ingredients business from the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”), responsAbility, Incofin, and Fiedlin Ventures. Inval Capital acted as the exclusive advisor to the transaction.
This first institutional fundraise marks a significant milestone in ACE’s journey to redefine how India processes, delivers, and experiences nutrition. The capital from FMO, responsAbility, Incofin, and Fiedlin Ventures will support the establishment of a greenfield, fully integrated dairy ingredients and nutrition facility and complex in Kuppam, Andhra Pradesh.
The Kuppam facility will pioneer cutting-edge dairy nutrition processing technology being introduced in Asia for the first time. This advanced manufacturing unit will be among a handful of such facilities globally, capable of producing bespoke, high-performance nutrition ingredients that meet the evolving needs of global food and nutrition brands. Designed for agility and innovation, the site will strengthen ACE’s manufacturing footprint, enabling faster scale-up and diversification into new product categories to serve a burgeoning demand for high performance and customized nutrition in India and globally.
Strategically located within a thriving agri ecosystem and supported by robust logistics infrastructure, the Kuppam complex will engage more than 40,000 farmers — including a significant proportion of women — through inclusive sourcing partnerships that enhance rural livelihoods and advance gender equity across the supply chain.
Speaking on the fundraise announcement Mr Sanjeev Goyal, Founder and Chairman, Ace International Limited- “This partnership is more than just funding — it’s an accelerator of purpose,”. “We’ve built ACE around one belief — that innovation in food technology can drive both better business outcomes and better nutrition for all. With this investment, we’re ready to take that vision global.”- he further added.
Peter Bryde, Director Private Equity of FMO: “We are excited to partner with both Incofin and responsAbility to invest in this reputable dairy derivatives company in India. ACE distinguishes itself by its competent and modern management, its established position in the market and entrepreneurial mindset enabling them to constantly develop new products and enter new market segments. The investment in ACE fits FMO’s strategy to invest in sustainably managed businesses that focus on value creation in the food sector. The consortium’s investment will enable the company to further expand its smallholder farmer supply chain from some 49,000 smallholders now to more than 80,000 by 2030.”
Akshay Dua, Investment Director Sustainable Food Private Equity at responsAbility: “ACE has an impressive mix of decades-long pedigree in raising India’s nutrition industry to global standards, not just being cost-competitive, but also with an unwavering commitment to sustainability, carbon neutrality, and responsible sourcing. This approach reflects our philosophy as an impact investor, and we are excited to partner with the founders to further our common aim – keep driving sectoral transformation and deliver measurable social and environmental outcomes”.
Wim Wienk, Director at Fiedlin Ventures: “We are proud to leverage our investment with the contributions of FMO, responsAbility, and Incofin. Together, we are unlocking the growth potential of ACE. Backed by its fully integrated business model—from responsible sourcing to end-product delivery, ACE is uniquely positioned to expand its portfolio of tailor-made food solutions that address evolving customer demands. Our investment underscores confidence in ACE’s vision to elevate India’s position in the global nutrition value chain through science, sustainability, and scale. This partnership and planned greenfield expansion will establish ACE as a cornerstone in the rapidly advancing modern food industry.”
Ace International Limited is one of India’s leading integrated food ingredient companies, dedicated to advancing the science and scalability of nutrition. From sourcing to processing to formulation, ACE delivers high-quality, affordable, and sustainable ingredient solutions to partners across the food, beverage, and health sectors. Over the past three decades, the company has evolved from a family-owned enterprise into a trusted end-to-end food ingredient player servicing multiple product segments like nutraceuticals, infant and sports nutrition, medical foods, beverages, and confectionery.
At the core of ACE’s growth strategy lies its advanced processing and innovation capability — combining automation, precision engineering, and responsible sourcing to deliver consistent quality at scale. Its R&D teams focus on developing next-generation nutrition formats, from fortified powders and functional ingredients to specialized formulations that enhance health and wellness.
About Ace International Limited
Ace International Limited is a leading integrated food and nutrition ingredients company, empowering global businesses with high-quality, sustainable, and science-led solutions. With more than 35 years of expertise in dairy fractionation and advanced ingredient processing, ACE—together with Mahaan—processes 500,000 litres of milk daily to craft premium dairy proteins, functional powders, and versatile formulations for the food, nutrition, and pharmaceutical industries.
Our solutions serve a wide range of applications, including infant and clinical nutrition, sports and performance nutrition, bakery and confectionery, beverages, dairy, and specialized B2B formulations. ACE blends global insight with precision engineering to deliver tailored solutions that consistently exceed industry standards.
Through responsible sourcing, advanced technology, and long-term partnerships, ACE is redefining the future of nutrition—building trust, driving excellence, and enabling brands to create products that shape healthier, more sustainable communities worldwide.
About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 55+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Forestry, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13.5 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl