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Riding on the country’s burgeoning beverages industry, Vadodara-based Manpasand Beverages Pvt Ltd, which sells popular fruit drink MangoSip, has seen its valuation increase by almost four times over the past three years.
According to Managing Director, Dhirendra Singh, a recent valuation analysis of Manpasand Beverages pegged the company’s brand valuation at Rs 1,000 crore, which is almost four times more than what was seen in 2011.
Notably, private equity investor SAIF Partners India had picked up around 24 per cent equity in the company for a consideration of $10 million (approx Rs 63 crore) in 2011, thereby putting the company’s total valuation at around Rs 273 crore then.
“We got the company’s valuation done recently to understand where we stand. The current valuation of our brand stands at around Rs 1,000 crore. We had sold about 24 per cent to SAIF Partners in 2011 for about Rs 63 crore. This has increased to close to Rs 240-250 crore now,” Singh said after a media briefing at his plant at Savli near Vadodara.
Singh maintained that the company’s growth came from tier 2 and tier 3 cities. “There is a huge market in the rural areas as well and we are planning to target that with increased capacities.”
The company sells fruit juices like Mango Sip, Apple Sip, Guava Sip & Litchi Sip, under Manpasand brand.
Currently, Manpasand Beverages has a total capacity of 75,000 cases (each of average nine litres) per day, which the company is planning to double to 150,000 cases per day in the next three years.
The company has also planned about Rs 100-crore investment to be made for expansion in the next one year. The expanded capacity will help the company to increase its turnover from the current Rs 240-300 crore to around Rs 1,000 crore in the next three years.
The company has three plants, one each in Vadodara, Banaras and Dehradun, with a capacity of 25,000, 45,000 and 5,000 cases per day, respectively. However, according to Dhirendra Singh, much of the expansion will happen at the Vadodara plant.
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