New Delhi, May 28 -- Dry fruit brand Bolas is in early discussions with private equity investors including Westbridge Capital to raise Rs.800-900 crore in its first institutional funding round, two people familiar with the development told Mint.

"The investors are looking to secure a significant minority stake in the company and the round will be a mix of primary and secondary transactions," one of the people cited said. The promoters are expected to dilute a portion of their holdings, but valuation discussions are still underway.

According to the second person, the capital raised will primarily go towards expanding Bolas' retail footprint in Karnataka from 80 stores currently to 150-200 outlets.

"At this stage, we would prefer not to ...