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– Jeetendra Bhandari, Founder & Managing Director, Walko Food Company
As part of NUFFOODS Spectrum’s 12th Anniversary Special interview series, we present the fifth feature, Scooping Growth, with Jeetendra Bhandari, Founder & Managing Director, Walko Food Company. In this edition, Bhandari shares the company’s Vision 2030 to position NIC Ice Creams as a leader in India’s premium, clean-label frozen dessert space while expanding its mass-premium reach through brands like MIMO. He highlights Walko’s early adoption of a digital-first strategy, rapid tier 2 and tier 3 market penetration, and innovation pipeline spanning Indian-inspired flavours, healthier indulgences, and creative dessert formats. With a portfolio that is already 65% clean-label, strong sustainability practices, and plans to enter global markets starting with the UAE, Walko aims to blend indulgence, authenticity, and accessibility — all while redefining ice cream consumption for the next decade. Edited Excerpts;
NIC has witnessed rapid digital-first growth. What percentage growth have you recorded in online sales over the past 2–3 years, and what’s your target by 2030?
Over the last three years, our online sales through Swiggy, Zomato, and now quick commerce platforms have grown at an annualised rate of over 40 per cent. NIC was one of the first ice cream brands in India to fully embrace a digital-first model back in 2018, and that early start allowed us to understand consumer behaviour on these platforms.
By 2030, our goal is for digital channels to contribute 35–40 per cent of overall revenue. While offline general trade will also expand significantly, digital will remain a key driver for new consumer acquisition, especially as these platforms penetrate deeper into tier 2 and tier 3 cities.
Walko has introduced Zero Preservative Added (ZPA), natural ingredient-based ice creams. Could you share what portion of your portfolio today is clean-label, and how this is set to evolve?
Currently, about 65 per cent of our total portfolio is clean-label—meaning zero preservatives added, no artificial flavours, and made using the finest ingredients.
Over the next five years, we expect the clean-label share to reach a contributor to our portfolio, driven by growing consumer demand for transparency in food labels. This mirrors the success that brands in this category have built on trust and quality—without consumers having to scrutinise the fine print.
With a presence in over 130+ cities, what percentage of your expansion has come from tier 2 and tier 3 cities? How do you see their contribution changing by 2030?
Today, around 35 per cent of our retail footprint is in tier 2 and tier 3 cities. When we began expanding beyond metros, we were pleasantly surprised to see strong performances in these cities—sometimes even outperforming urban suburbs in sales density.
By 2030 along with the General Trade expansion, we expect these markets to contribute close to 50 per cent of our footprint, supported by rising disposable incomes, faster cold chain development, and rapid adoption of digital ordering. Quick commerce and food delivery aggregators are further accelerating premium ice cream penetration into smaller markets.
What are the top 2–3 product innovations NIC is working on currently? Are you exploring low-GI, dairy-free, or functional desserts for niche segments?
We are currently pursuing three active innovation tracks. The first focuses on Indian-inspired flavours with pan-India appeal, offering fruit-based options that deeply resonate with local tastes, such as Alphonso Mango from Ratnagiri and Tender Coconut, as well as indulgent varieties inspired by traditional Indian mithais like Gulab Jamun, Gajar Halwa, Sheer Khurma, Modak, and Paan, which enjoy nationwide popularity. The second track centres on better-for-you indulgences, with an expanded No Added Sugar (NAS) range to meet the growing consumer demand for healthier dessert choices. The third track drives format innovations, introducing creative concepts like ice cream tacos, rollies, and cakes through our Meemee’s brand, broadening our footprint in the premium, occasion-based dessert segment.
Have you seen a shift in consumer flavour preferences—what percentage of your sales now come from traditional Indian flavours vs global bestsellers like Belgian Chocolate?
Our sales mix is almost evenly split: around 55 per cent from Indian-inspired flavours such as Sitaphal, Alphonso Mango, Tender Coconut, Dryfruit Overload and Gulab Jamun and 45 per cent from global favourites like Madagascar Chocolate and Sea Salt Caramel. Indian flavours have shown particularly strong growth in tier 2 and tier 3 cities, while Chocolate remains a consistent top performer nationwide. This reflects a broader industry trend—global flavours spark curiosity, but familiar Indian flavours foster long-term loyalty.
What’s your year-on-year revenue or volume growth trajectory for the last 3 years? How do you plan to sustain or accelerate this in your Vision 2030 roadmap?
Over the last three years, we have maintained a revenue CAGR of over 40 per cent. Even in FY21—when many FMCG categories saw negative growth due to the pandemic—we posted good growth, thanks to our online-first strategy.
To sustain this, Vision 2030 focuses on three key levers- National offline expansion, especially for MIMO, our mass-premium milk ice cream brand, entry into international markets, starting with the UAE, and innovation-led portfolio growth, leveraging cross-brand synergies between NIC, Grameen Kulfi, Meemee’s, and MIMO.
Are there measurable sustainability efforts in place—such as a percentage of packaging that is biodegradable, or ingredients sourced locally?
Currently, over 90 per cent of our ingredients are sourced within India—reducing transport emissions and supporting local suppliers.
As ingredient costs fluctuate, how has Walko managed cost optimisation without compromising quality—any innovation in formulation or sourcing helping this?
We have adopted a direct-sourcing model for key raw materials like fruit pulps and cocoa, eliminating intermediaries and ensuring consistency. Our Pune R&D team works closely with suppliers to optimise formulations without altering the sensory profile. Batch production planning helps minimise wastage, while scale efficiencies from our Nashik plant will further reduce the unit production costs.
What are your key performance targets for 2030—could you share estimated market share, international footprint goals, or SKU expansion plans in percentage terms?
By 2030, we aim to achieve an annual revenue—equivalent to 5–6 per cent of the organised Indian ice cream market and target a balanced channel mix of 40 per cent digital and 60 per cent offline, with strong presence across both general and modern trade.
India’s fragmented cold chain ecosystem poses challenges for pan-India frozen product distribution. How has Walko navigated these hurdles, and what innovations or partnerships have helped maintain quality across geographies?
We treat cold chain management as a brand differentiator, not just a logistical necessity. Our in-house logistics coordination, supported by regional hubs, reduces inter-city transit times. We partner with specialised frozen transport providers and employ predictive demand planning based on digital sales data to ensure optimal inventory stocking.
Mansi Jamsudkar Padvekar