Companies

Innovative Foods hopes to end this fiscal with 30 per cent revenue growth

Sangeetha Chengappa Bengaluru | Updated on January 08, 2020 Published on January 08, 2020

Mithun Appaiah, CEO of Innovative Foods Ltd

Innovative Foods Ltd, makers of frozen food brand Sumeru, expects to exit fiscal ending March 2020 with around 30 per cent revenue growth fuelled by innovative product launches and by driving efficiency in distribution.

“We exited last fiscal ended March 2019 with ₹70 crore in revenue and target to exit this fiscal with around 30 per cent growth, led by consumer demand for our products that not only cater to the consumer palate but also solves consumer issues. In the last 18 months, we have launched around 20 new products, including veg and non-veg momos and kebabs; quick meal options such as, veg and non-veg baked paratha lasagna and a range of frozen gourmet meals in collaboration with 13 time Michelin starred Chef Alfred Prasad, including millet khichdi, pepper chicken, roasted Coromandel chicken and Coromandel shahi paneer,” Mithun Appaiah, CEO of Innovative Foods Ltd, told BusinessLine.

Sumeru has established a pan-India distribution with presence in 120 plus cities and towns across modern retail stores, kirana stores and e-commerce (BigBasket, Grofers), besides 12 countries to which it exports, supported by its production facilities in Kochi and Chittoor. Sumeru is also a key supplier to leading Indian and international QSR chains with leading innovations jointly with them.

Pointing out that the frozen foods market in India has been static in terms of innovations, Appaiah said, historically, it has largely been fries, chicken nuggets, veggie and burger patties etc, with hardly any new innovations.

“We were the first to disrupt the frozen fries category with the launch of Peri Peri and Chilli Garlic flavoured fries. We were the first national brand to launch ready to fry/steam momos with spicy hot dip and a microwavable tray, last July. Besides disrupting existing categories, we are also solving for consumer pain points – we launched a range of veg/non-veg kebabs that addresses the need of a growing number of people who are looking for healthier, quick to eat, snack options. We launched millet khichdi in a microwavable tray for convenience. To solve consumer pain points, we launched grated coconut, which is our largest selling product in the US, and filter coffee decoction to help consumers overcome the time and convenience barrier to brewing that ‘rich and just right’ cup of South Indian coffee” he said.

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Published on January 08, 2020
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