Harley Foods aims to tap global markets, looks for investors
Gujarat based Harley Foods Products Pvt Ltd plans to tap international markets very soon. The branded snack food company is all set to foray into confectionery industry and aims to launch the candy and packaged sweet products before the festival of Diwali this year.
“Indian snacks and traditional sweets have huge demand in overseas markets particularly in the countries like the US, Malaysia, Singapore and Middle East, where many people from India live. We are planning to export our food products to these countries very soon. We are targeting around 20% of the turnover from the markets abroad,” Soumiik Mitra, CMD of Harley Foods told The Dollar Business Bureau.
The 10-month old company has a sales turnover of Rs.7.5 crore per month in the country. It is expecting to achieve an annual turnover of Rs.100 crore in this financial year and to reach Rs.500 crore in the next four years. According to Mitra, the branded snack food market is pegged at Rs.15,000 crore in India, while it is around Rs.1,000 crore in Andhra Pradesh and Telangana.
“The two Telugu states are growing at a rate of 30% annually. So, we are planning to meet potential investors who are interested in investing in the FMCG sector. The company is in talks with private equity firms to raise funds around Rs.200-300 crore this fiscal year. The funds raised will be used in branding, development and expansion activities,” he said.
Speaking about the company’s expansion plans in the country, Mitra said, “We are also looking for manufacturing tie-ups in Hyderabad to cater to the south Indian market. We have already tied up with two manufacturing units each in Gujarat and Maharashtra. Along with this, we are getting associated with local manufacturers in Meerut (UP), Bikaner (Rajasthan), Kolkata (West Bengal) and Ratlam (MP).”
Headquartered at Surat, Harley Foods has a presence in 14 states of the country, including Maharashtra, Gujarat, Rajasthan, Karnataka, Telangana, Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chattisgarh, Delhi, Haryana and Uttar Pradesh. It is preparing the ground to enter West Bengal, Bihar, Jharkhand and Orissa. The company is likely to complete its pan-India expansion by next year, he added.
Harley Foods Chairman and Managing Director Soumiik Mitra and General Manager Pavan Kumar displaying their products in Hyderabad on Thursday.