Mumbai, Oct. 19 -- JM Financial-backed Zoff Foods is exploring a minority stake sale to raise growth capital in a deal that could value the spices and seasoning company at over Rs.1,000 crore, two people familiar with the matter said.

The deal was launched recently, and the discussions are still in an early stage with details on the amount of capital raise and valuation expected to evolve in due course. The company has hired EY as financial adviser and the transaction could go up to a significant minority stake, the people said, requesting anonymity.

The Raipur-based company will look to tap both private equity (PE) firms and strategic investors including ITC, Emami and Orkla India for the funding round, they said.

Strategics are incre...