Intergrow Brands, which owns Sprig brand of fine gourmet ingredients, plans to ramp up its distribution footprint as it embarks upon an aggressive campaign to grow at least three-fold in revenue over the next four years.

“Currently our products are available in 350 premium outlets. The plan is to increase the number of stores where Sprig brand of products available to 3,000 over the next three months. We plan to target major supermarket stores as well as e-commerce channels. We want to have our presence in all major Tier-1 and Tier-2 cities in next six months, said Intergrow Managing Director and CEO Ashok Mani said.

The Intergrow CEO said the firm which has wide of premium products including gourmet honeys, teas and exotic sauces, wants to grow its business from ₹170 crore to ₹550-600 crore over the next four years. To do this, the company plans to come out with its small unit packs of its premium products to lure new customers.

A family-owned business that has been around for 47 years, Synthite, parent company of Intergrow, is one of the biggest players in global spice extract business, with 32 per cent of the market share.

By increasing the availability of its Sprig range of products across the country, Intergrow wants to tap into the young, middle class Indians' desire to go for more natural products. According to Mani, the firm plans to place right-sized products in the market like the extract of natural vanilla that Intergrow makes under the Sprig brand is sold in 100 ml bottles which are priced at ₹899. “Not many people in middle income groups, even if they have good disposable income, would not like to spend that kind of money on a bottle of vanilla extract. But, they would not mind doing it if it is in he range of, say, ₹399. So we are planning to launch packs with lesser quantity, which are ideal for nuclear families,” the Intergrow CEO said.

Last month, the firm raised an investment of ₹80 crore ($11.3 million) from the Bahrain-based private equity fund Investcorp. “So more than the money, we hope that this would help us grow beyond the shores of India. Currently, 80 per cent of the Sprig products are sold in India. With the Investcorp investment, we hope to have better access to other markets, including European markets,” said Mani.

Apart from Sprig, Intergrow owns another brand, Kitchen Treasures, which is the second largest player in Kerala's spices market. Apart from packaged basic and value-added spices, Kitchen Treasures has a range of other products such as pickles, pastes, apart from Read to Cook and Ready to East products in its portfolio. As part of the expansion plans, Intergrow would be exploring new product ranges under the Kitchen Treasures brand too.

Related Topics