Wingreens is setting its sights on profitability and a public listing as the food and beverage company expands deeper into pesticide-free staples and farm-linked food processing through a new acquisition and fresh funding.

The Gurugram-based food company, founded by Anju Srivastava and Arjun Srivastava, has acquired Safe Harvest, founded by Rangu Rao, in a share swap deal. Alongside the acquisition, Wingreens has also closed a ₹120 crore Series D funding round led by investor Ashish Kacholia, with participation from Alchemy Fund. With this, the company’s total capital raised so far stands at ₹556 crore.

Anju Srivastava, founder and CEO of Wingreens, said that the acquisition aligns with the company’s larger philosophy of building food brands rooted in natural farming and minimal processing.

Wingreens expects to be EBITDA profitable in FY26 and is now preparing for a potential IPO over the next two years.

“With Ashish Kacholia coming in, we want to have an IPO in two years and prove that you can build a better food business this way,” Srivastava told Fortune India.

The newly raised capital will be deployed towards expanding its product portfolio, strengthening supply chain infrastructure, driving innovation and building deeper linkages with farmers.

The Safe Harvest acquisition marks another step in Wingreens’ strategy of building a broader health-focused food platform. The company began with dips and spreads before expanding into beverages through the acquisition of Raw Pressery. With Safe Harvest, it is now entering deeper into staples such as pulses, spices and millets sourced through pesticide-free farming networks.

This is the fifth buyout for the farm-to-consumer company.

Srivastava said the acquisition fits closely with Wingreens’ larger philosophy of building food businesses rooted in natural farming and minimal processing.

“The first principle on which Wingreens was set up is that almost 95% to 99% of our products should ideally come from the farm, grown in the soil,” she said. “Nature makes the best food. The farmer grows the best food. We should meddle with it minimum.”

Building food processing closer to farms

A key part of Wingreens’ strategy now is to shift food processing closer to farming clusters instead of relying entirely on centralised manufacturing.

“Our aim is to take the factory to the farm,” Srivastava said. “Food is not something that should ideally be made away from the farm gate.”

The company plans to begin this model in Madhya Pradesh’s Dewas district, particularly around Bagli, and later expand through Safe Harvest’s wider network of farmer producer organisations across states including Punjab, Karnataka, Kerala and Tamil Nadu.

According to Srivastava, the model is aimed at creating local processing infrastructure near farms where produce can be cleaned, dried and processed closer to the source, while also generating jobs for rural communities.

She said Safe Harvest’s long-standing relationships with farmer producer organisations and its work in pesticide-free cultivation made it a strong strategic fit for Wingreens’ next phase of growth.

“Safe Harvest brings in the farmer connects, natural farming and pesticide-free cultivation. We bring in technology, know-how and market,” she said.

Wingreens also chose to structure the transaction as a share swap instead of a cash acquisition to ensure long-term alignment between both organisations and the farming ecosystem connected to Safe Harvest.

“We don’t want to just buy them for cash. It’s not an acquisition. It’s a commitment to the future of Indian food and Indian agriculture,” Srivastava said.

The company believes profitability will be central to scaling the model sustainably. Srivastava said Wingreens wants to demonstrate that a food business built around traceability, farmer partnerships and cleaner sourcing can also become commercially viable at scale.