Frozen food maker Innovation Foods Ltd., which is owned by private equity player Peepul Capital LLC, aims to expand its domestic market to Rs 2.5 billion in next three years by launching new products and expanding its retail presence.
The company, which owns the Sumeru brand, is looking at expanding its distribution network to 25,000 retail outlets in 10 major cities, up from the current over 8000 outlets. The company plans to bring all its products under the Sumeru brand. It has two manufacturing units in Kochi and one in Chitoor in Andhra Pradesh.
The company has a revenue run rate of Rs 900 million, said Mithun Appaiah, CEO, Innovative Foods. It has presence in 12 countries including US, Canada, UK, Singapore, Fiji, Nepal, Middle East and Japan. It also supplies customised products for food service businesses and quick service restaurant chains in the country.
According to reports, Peepul Capital acquired the entire stake of Innovation Foods Ltd from India Equity Partners for an undisclosed amount in the year 2016. Sumeru, which was part of Kochi-based Amalgam Foods, was bought by the Tatas before India Equity Partners acquired the company.