Adinath Agro to raise Rs 80 crore led by Carpediem Capital; plans expansion across 9 states
Adinath Agro
, which runs 2 brands - Surabhi and Winn, will be raising Rs 80 crore through 70 per cent equity and 30 per cent debt, where equity will be led by
Carpediem Capital
, Chandan Polekar, CEO at Adinath Agro told ETRetail.
The company will be deploying these funds towards CAPEX, expanding manufacturing and marketing activities.
"We have already got the commitment of 50 per cent of the funds, and we are hoping to close the remaining by the end of this quarter. Before this, we raised funding back in 2015-16 from Carpediem Capital," he asserted.
Currently, the company has a presence in 3 states - Maharashtra, Goa, and Karnataka - and plans to expand its presence to 9 states - Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Gujarat, and Madhya Pradesh. Chhattisgarh - by this fiscal year's end.
"We have already appointed distributors and plan to go live soon in these new states as well," he said.
"Currently, we have a presence in around 45,000 general trade outlets, and our aim is to scale that to 1,20,000 over the next two years," he further added.
Whereas, in modern trade, it is already present in chains like Reliance and DMart, and is working on expanding into regional retail chains like Ratnadeep, Vijetha, and Namdhari's in the South.
"Additionally, we've made strong inroads through e-commerce, with a pan-India presence on platforms like Zepto and Amazon Fresh. We're also in talks with Flipkart Minutes. Swiggy is live in Gujarat," he stated.
At present, the company has a presence in five major categories - ketchup, Chinese sauces, mayonnaise, Indian condiments, and canned foods. By the end of the fiscal year, it aims to be present in eight core categories.
In terms of SKUs, the company offers 40 SKUs across Surabhi and Winn. Over the next six months, it is planning to launch a new range of Chinese masalas and soups at a Rs 10 price point, which will add another 15 SKUs to its portfolio.
"In the last 8 months, Adinath Agro has launched a new range of oriental sauces under the brand Winn, and it is seeing a 25 per cent quarter-on-quarter growth," he stated.
Over the next two years, the company is planning to invest around Rs 45–50 crore to expand the production capacity by threefold, especially across its ketchup, mayonnaise, and oriental sauce lines.
"We already own a 33-acre land parcel, so we're well-positioned in terms of space. The investment will be directed toward setting up additional manufacturing lines and enhancing capabilities within our existing premises," he explained.
At present, Winn - offering an international portfolio with products like oriental sauces - contributes more than 50 per cent to the topline of the company, Surabhi - catering to the domestic market with ketchup, jams, Indian condiments, and cooking aids like ginger-garlic paste - accounts for about 30 per cent and the remaining 20 per cent comes from its B2B brand, Magic King.
The company, which closed the last fiscal with Rs 117 crore in revenue, is eyeing to close this fiscal at Rs 150 crore.
"From the past 4 years, we have been growing at the CAGR of 18-20 per cent, and over the next 2 years, we plan to grow at 28-30 per cent CAGR," he concluded.
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