Keventer Agro
IPO bound Keventer Agro expands in packaged fresh food range with Metro Paneer and Metro Lassi
Kolkata/IBNS: Keventer Agro has announced expansion plans of its fresh food product segment under the Metro brand with the launch of packaged paneer and pouch lassi to meet the growing demand in the packaged dairy (fresh) market.
Metro Paneer and Metro Lassi will initially be available across Bengal and will reach the entire Eastern Indian markets within next 2 months through their distribution network of more than 1,60,000 retail touch points, the company said in a press statement on Monday.
According to Technopak analysis, the Indian packaged dairy (fresh) market is expected to reach Rs.1,67,000 Cr by FY25 from Rs. 96.800 Cr as of FY20 at a CAGR of 12 percent.
According to the same report the fresh yogurt based segment is poised to reach Rs. 1159 Cr by 2025 at a CAGR of 20 percent whereas the fresh packaged Paneer market is expected to hit Rs. 73 crore by the same period growing at a CAGR of 24 percent in East and North-East India.
With the launch of Metro Paneer and Metro Lassi, Keventer Agro is eyeing a major share of this growing segment.
In order to maintain a competitive edge, Metro Lassi has been priced at Rs 10/180ml and Metro Paneer available in two SKUs has been priced at Rs 75/200ml and Rs 350/Kg.
"Keventer’s growth has been on account of its strategically located manufacturing and processing unit at Barasat-Kolkata. Due to its close proximity to market, the organisation has been successful in minimizing the logistics cost and enabling supply fresh stocks with minimum delay to consumers," the company said.
Further to that Keventer’s other processing units located at Durgapur, Midnapore, Siliguri, Malda, Patna and Ranchi, which are primarily involved in processing and manufacturing of products under the dairy and fresh segment give the company a competitive advantage to reach the Eastern and North Eastern [markets] to meet demand and supply cycle early.
The expansion comes on the heels of Keventer's IPO announcement for which it filed the Draft Red Herring Prospectus (DRHP) last August with the Securities and Exchange Board of India and received approval recently.
The Book Running Lead Managers of the IPO are ICICI Securities Limited, Axis Capital Limited and JM Financial Limited.
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