Khetika, the Indian clean-food producer, plans to invest up to 100 crore INR ($12 million) over the next three years to expand its spice division.
The investment includes an initial 10 crore INR ($1.2 million) invested in a 15,000 sq ft pesticide-free manufacturing and laboratory facility in Unjha, Gujarat, with a capacity of 500 tonnes. The company, which also produces batters, healthy snacks, dry fruits and makhanas, expects spices to account for around 50% of its total revenue within three to four years.
Khetika is targeting 1,000 crore INR ($120 million) in annual revenue from spices within three years and 2,000 crore INR ($240 million) within five years. It also expects total company revenue to reach approximately 500 crore INR ($60 million) in the current financial year.
Commenting on the expansion, Dr Prithwi Singh, co-founder and CEO of Khetika, said: “Spices would be the largest division in the future. The market is huge, and unlike our batter business, which is restricted to cities where we have manufacturing plants, spices can be scaled across the country and globally”.
The company also plans to expand its SAATHI farmer sourcing network from 20,000 to 50,000 farmers and roll out spice exports to Europe and the Middle East.
Source: Agro & Food Processing
