USK Capital, the family office of billionaire banker Uday Kotak, has acquired a majority stake in Go Raw, a seed-based snacking brand in the United States. The deal marks a major milestone for the family office, representing its first investment outside India and its first entry into the consumer sector.
The acquisition signals USK Capital’s intent to diversify beyond financial services and domestic investments, while tapping into global consumer trends such as clean-label foods, plant-based nutrition, and health-focused snacking.
A Strategic First Step Beyond India
USK Capital’s Global Expansion Begins
USK Capital acquired a majority interest in Freeland Foods LLC, the company that owns the Go Raw brand. The investment was made through one of USK Capital’s operating entities under the overseas direct investment route.
This transaction is significant not just for its size or geography, but because it reflects a clear strategic shift. Until now, USK Capital’s investments have largely been India-focused and concentrated in familiar sectors.
By entering the US consumer market, the family office is signaling its ambition to build a more globally diversified portfolio.
Sellers Include Juggernaut Capital Partners
The sellers in the transaction were Juggernaut Capital Partners, a US-based middle-market private equity firm, along with other early-stage investors. Juggernaut had backed Go Raw during its growth phase and is now exiting as the brand enters its next chapter under new ownership.
The exit suggests confidence that Go Raw has reached a level of maturity that makes it attractive to long-term strategic investors.
Why Go Raw?
A Brand Built Around Clean, Plant-Based Snacks
Go Raw is known for its seed-based snack products, including bars, clusters, and crackers made from sprouted seeds. The brand positions itself around clean ingredients, minimal processing, and plant-based nutrition.
As consumers increasingly seek healthier alternatives to traditional packaged snacks, brands like Go Raw have gained traction in the US market.
This aligns closely with global shifts toward wellness, sustainability, and transparency in food production.
Strong Position in a Growing Market
The healthy snacking segment in the US has seen steady growth, driven by changing consumer habits and increased awareness of nutrition. Seed-based and plant-forward products, in particular, have benefited from this trend.
Go Raw’s established brand presence and loyal customer base make it a compelling platform for expansion, both within the US and potentially in international markets over time.
USK Capital’s Diversification Strategy
Moving Beyond Financial Services
Uday Kotak is best known as the founder of Kotak Mahindra Bank and one of India’s most influential bankers. USK Capital, as the Kotak family office, has traditionally focused on investments aligned with India’s economic growth.
This acquisition represents a deliberate move to diversify across sectors and geographies, reducing reliance on any single market or industry.
Entering the consumer sector also provides exposure to different growth dynamics compared to financial services or traditional investments.
Long-Term Ownership Mindset
Family offices often invest with a longer time horizon than private equity funds. This allows for patient capital, brand-building, and operational improvements without the pressure of short-term exits.
USK Capital’s majority stake suggests it plans to play an active role in shaping Go Raw’s long-term strategy rather than treating the investment as a purely financial play.
What Changes for Go Raw?
Operational Stability and Growth Capital
With USK Capital as its new majority owner, Go Raw gains access to stable, long-term capital. This can support investments in product innovation, supply chain resilience, and brand marketing.
The backing of a well-capitalized family office may also help the company navigate inflationary pressures and evolving consumer preferences.
Potential for Strategic Expansion
While Go Raw is currently focused on the US market, the acquisition opens the door to future expansion opportunities. USK Capital’s global outlook and experience could help the brand explore new distribution channels or geographies when the time is right.
However, any expansion is likely to be measured and aligned with the brand’s core values.
A Broader Trend Among Indian Family Offices
Increasing Global Exposure
Indian family offices are increasingly looking beyond domestic markets as they seek diversification and exposure to global growth themes. Consumer brands in developed markets offer predictable demand patterns and strong brand-led value creation.
USK Capital’s move fits into this broader trend, though it stands out due to the high-profile nature of the Kotak family.
Focus on Resilient Consumer Categories
Food and snacking are seen as relatively resilient categories, even during economic slowdowns. Health-focused brands, in particular, tend to attract loyal customers and repeat purchases.
This makes Go Raw an attractive asset for long-term investors seeking stable returns.
Regulatory and Deal Structure Considerations
Overseas Direct Investment Route
The acquisition was completed through India’s overseas direct investment framework, which allows Indian entities to invest abroad within regulatory guidelines.
This structure ensures compliance while enabling Indian investors to participate directly in global businesses.
Governance and Control
By acquiring a majority stake, USK Capital gains control over key strategic decisions while likely retaining existing management expertise to run day-to-day operations.
This balance between ownership and operational continuity is common in family office-led acquisitions.
Challenges and Risks Ahead
Competitive US Snack Market
The US snacking market is highly competitive, with both large multinationals and agile startups vying for shelf space and consumer attention.
Go Raw will need to continue innovating while maintaining price competitiveness in a crowded market.
Evolving Consumer Preferences
Health trends can shift quickly, and brands must stay ahead of changing tastes and dietary preferences. Continued investment in product development and consumer engagement will be critical.
USK Capital’s long-term approach may help manage these challenges more effectively.
What This Means for USK Capital Going Forward
A Blueprint for Future Investments
This deal could serve as a blueprint for future overseas investments by USK Capital. If successful, it may encourage further exploration of global consumer, wellness, and lifestyle brands.
It also demonstrates the family office’s willingness to step outside traditional comfort zones.
Building a Global Portfolio
With this acquisition, USK Capital takes its first concrete step toward building a diversified global investment portfolio. Over time, this could reduce exposure to domestic cycles and enhance long-term wealth preservation.
Final Takeaway
USK Capital’s acquisition of Go Raw marks a defining moment for the Kotak family office. It is the first time the firm has invested outside India and the first time it has entered the consumer sector.
By backing a health-focused US snacking brand, USK Capital is aligning itself with global consumer trends while signaling a broader diversification strategy. For Go Raw, the deal brings patient capital and strategic support as it looks to scale its brand in a competitive market.
As Indian family offices become more globally ambitious, this acquisition stands out as a clear example of how long-term capital is increasingly crossing borders in search of resilient growth opportunities.
