Nilgai Foods Seeks $10 Million In Funding

The Mumbai based Nilgai Foods, an FMCG company is looking to raise $10 million according to news reports. It will use this funding to expand to becoming available in stores across the country.

The Nilgai Foods Brand

Established in 2011, Nilgai Foods operates the PICO brand which manufacturers, supplies and exports sauces. Some of their sauce variants include Tamarind Sauce, Lime Chili Sauce, Hot Sauce, Shahi Makhani Dip and Sweet Chili Sauce.

Additionally, the company also sells packaged coconut water under the Cocfly brand.

Cocofly is served on Vistara Airlines and, along with PICO sauces and chutneys is sold in Big Basket, Amazon and Snapdeal.

Future Plans

To help expand their presence and capabilities, Nilgai Foods is looking to tap into intuitional segment. “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,” said the Nilgai Foods co-founder and CEO Abhay Jaiswal to the PTI.  “Over the last one year we have been very focused on developing ultra-large institutional plants,” he added.  

The company now plans to expand its presence to 50,000 – 60,000 stores across the top 20 cities in India.

To help their expansion plans it is looking to raise $8-$10 million for a larger distribution and marketing team. Should the expansion take place, Jaiswal predicts that the company will be able to declare a turnover of Rs.3000 crore in four years.