Saturday, June 19, 2021

Innovative Foods to double capacity

Innovative Foods Ltd. (IFL), a Bengaluru-based food processing company which markets its frozen food range under the brand name Sumeru is seeing healthy growth in Telangana and AP markets. They account for about 22 per cent of the domestic market in terms of revenues.

The company manufactures and markets various types of ready to eat vegetarian and non-vegetarian food that includes seafood, poultry and pork. The company is planning to double its capacity by setting up a new unit.

The company has been operating a unit in Kochi with 300 million tonne capacity and is planning to set up a new unit in Chittoor by adding same capacity taking the total to 500 million tonnes once the new unit begins its commercial operations by the end of this December. The Chittoor unit will make ready to eat and frozen parathas and other bread range.

Having co-manufacturing arrangement in States such as Gujarat and Maharashtra, the company is also planning to strengthen its distribution that is present in 200 towns in the country. The company is aiming to clock a turnover of Rs 100 crore this year and plans to take this to Rs 200 crore by 2019-20.

Saurabh Kumar, VP, Sales & Marketing, IFL said, “The growing acceptance of frozen food in India has pushed us out of our seats to think of new product solutions. Providing convenience and versatility to consumers has been one of the core pillars on which our product portfolio stands and our aim has been to enable consumers create restaurant like meals at home.”

He added, the company currently earns a major share of its revenue from domestic retail up to 55-60 per cent, food services up to 25-30 per cent and the remaining 14-15 per cent through exports.

He told Telangana Today, “We today export to the US, Japan, Mauritius, Singapore and other markets. We would like to deepen our presence in the US, and foray into Australia in near future. India remains a key market for us.”

Sharing the potential the country has, he explained, the frozen food market has doubled in the last 4-5 years. The market is worth Rs 800 crore and is growing fast. Whereas food services which is Rs 2,000 crore market is expected to treble in five years.

The company is seeing healthy growth in the frozen food market for its products and is thus planning foray into 3-4 news categories in the next six months.

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