Haldiram’s sales reached $1 billion, and this homegrown food company has plans to IPO:
To begin with, the Indian homegrown food and snacks company Haldiram’s plan to introduce its initial public offering. Presently, the company running in top position with sales of $ 1 billion. The overall sales of the company reached $1 billion in the 2019-2020 financial year.
In the 4 years, Haldiram’s business has increased by 2 times. AK Tyagi, the executive director, said that the company may plan its IPO in the future. Moreover, after gaining the growth in the export business the nankeen maker plans to expand its frozen food portfolio. The frozen food will gain high growth due to the rising of nuclear families in India.
According to the sources, the sales and profits of the company presently affected by the market downfall along with price variations in its raw materials. Also, the company changed its strategy to fight with the market downfall. The issue has maximum effected on the rural area market as compared to the urban area market.
As per the Nielsen report, the FMCG growth rate declined from 13.5% to 9.7% from last year. The Haldiram’s sure about the growth rate, it will expand by the salty and snack category. It expects a growth rate of 10% to 15%, it also applies to the market.
Haldiram’s company wants a partnership with foreign brands and it doesn’t have any plan to enter into a joint venture. Presently, the Bhujia maker makes a partnership with Amazon e-commerce behemoth in the US.