WayCool Foods and Products Pvt. Ltd. has drawn up plans to double its revenue from the fast moving consumer packaged goods (FMCG) business to over ₹800 crore during the current fiscal.
To this effect, the food and agri-tech platform has floated a wholly owned subsidiary called WayCool BrandsNext Pvt. Ltd., that would be headed by B.P. Ravindran as CEO.
“BrandsNext will own all the three core brands such as Madhuram (a quality rice brand), Kitchenji (a premium staples brand) and Freshey’s (value added products). Last fiscal, all these brands contributed over ₹400 crore and this year, we are aiming to double it,” said Karthik Jayaraman, MD, WayCool.
“Our immediate focus will be to build brand with home makers, increase retailers trust, enter new geographies within south India and develop new products,” said Mr. Ravindran.
According to him, the company has planned to launch a funnel of new products during the current fiscal by keeping in mind the consumers interest in the meals segment, value added dairy products and speciality rice.
Asserting that their focus would be on the four southern states, he said plans were on to increase the number of dealerships to 1.6 lakh from 60,000, ramp up distributors from 355 to 780 and add 10 more distribution hubs to the existing 40 numbers.
Last year, WayCool clocked a revenue of ₹1,800 crore, of which FMCG contributed ₹400 crore, fruits and vegetables ₹1,000 crore and unbraded commodities ₹400 crore, Mr. Jayaraman said.
WayCool was started during 2015 by Sanjay Dasari and Mr. Jayaraman to focus on food development and distribution. The company leverages innovative technology to scale and operate a complex supply chain from soil to sale business.
