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Best Foods Ltd expects to double its revenue in the next three-four years to ₹5,000 crore. On Wednesday, the Indian Culinary Forum, an association of professional chefs, accredited the company, which sells a variety of rice.
Aayushman Gupta, CEO, Best Foods Ltd, said, “We are looking at an aggressive growth strategy as we see growing demand for quality rice in the country and expect to double our revenue by FY2017 from the current ₹2,600 crore.”
He said currently nearly 70 per cent of the revenue comes from international markets and about 30 per cent from the domestic market. “We believe demand from India will grow faster than international markets and in the future nearly 50 per cent of our revenue will come from the Indian market,” he added.
Asked if the company is looking to raise funds, Gupta said, “We are open to long term strategic partnership with PE funds not only to raise funds for future growth but also for knowledge and expertise in taking our business operations to the next level.”
More in storeThe company sells its products through modern retail formats and through 38 standalone exclusive brand outlets, mainly in the Delhi-NCR region.
The company has plans to increase this to about 800 stores in the next 2-3 years.
Gupta said the ready-to-eat products, is still a small business for the company, which has about 17 rice mills and the capacity to process 45,000 tonnes of rice a month.
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