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Dec, 20 2016

​Nilgai Foods plans to raise USD 10 million to expand across India

Jaiswal said that if the pan-India launch for Pico and Cocofly materialises, the company would be able to clock a turnover of Rs 300 crore in four years.

Nilgai Foods, a city-based FMCG startup, is tapping the institutional segment to drive sales and is looking to raise about USD 10 million to fuel its expansion across the country, a top company official said.

Abhay Jaiswal, Co-founder and Chief Executive Officer, Nilgai Foods, said, "Currently, institutional sales is about 10 per cent of the revenues but in 3-4 months our plan is that it should start contributing 60 per cent. Over the last one year we have been very focused on developing ultra-large institutional plants."

Cocofly, which started selling on Vistara Airlines, got a good response and the company is in discussion with other airlines and Railways for sales. The fledgling company is aiming for a turnover of Rs 8 crore this fiscal and targeting around Rs 20-30 crore from institutional sales next year, while eyeing total revenue of Rs 50 crore. Focused on the Delhi-NCR market at present, the company is looking to raise around USD 10 million to fuel its expansion.

Jaiswal added, "We have enough capacity with 2 million litres a month for Cocofly to do a pan-India launch. However, to do a multi-city pan-India launch, we will require more capital to expand our distribution team and marketing. We will need to raise USD 8-10 million for it and it will be allocated over 3 years. About 60 per cent of it would go into marketing, while 30 per cent would be utilised for distribution expansion."

Jaiswal added if the pan-India launch for Pico and Cocofly materialises, the company would be able to clock a turnover of Rs 300 crore in four years.

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