Zoff Foods, a leading spice brand specialising in high-quality spices and pantry staples, wants to expand into seasoning and ready-to-cook spice category.
The new products include seasonings like chilli flakes, oregano, piri piri mix, and ready-to-cook spices category, said Akash Agrawal, Co-founder, Zoff Foods.
“We aim to boost our production capacity by introducing new products”, he said, adding that the plant in Raipur currently operates at around 30-40 per cent capacity, leaving ample room for growth.
India’s seasoning market, valued at ₹400-500 crore, exhibits robust growth propelled by escalating demand for convenience foods, varied culinary tastes, and increasing disposable incomes. While the ready-to-cook spice segment is still in its nascent stages, it is anticipated to experience substantial growth in the coming years, Agrawal said.
Focusing on getting funds
“Our company is currently focussed on securing funding. Upon successful fund acquisition, we plan to allocate five per cent of the total funds towards the launch of these new categories”, he said.
The brand plans to raise the next round of funding in July. With the funding received from Shark Tank India, it invested in capital expenditures, marketing, and operations. In addition to the funding, there are also plans to go public with an IPO in 2028-29, he said.
With around ₹100 crore in revenue in the last fiscal, the company aims to become an ₹300 crore brand by 2025-26 with the introduction of new products and targets ₹600-700 crore in the next five years.
Volatile industry
Strengthening general trade operations, he said the brand will be expanded to Maharashtra, Jharkhand, Odisha, Telangana, Bangalore and Kochi soon. To emerge as a leading contender in the Indian and global spice market, Agrawal said the company aspires to gradually enter into the HoReCa and modern retail sectors.
Asked whether the raw material price hike is hitting the financials, he said the spices industry is inherently volatile due to fluctuations in commodity prices. However, we have a robust market intelligence system that monitors spice mandis. This proactive approach reassures us that we can effectively manage our supply chain and financial performance, even during raw material price hikes.