Cochin-based Innovative Foods, which markets frozen food under the brand Sumeru, is setting up its second manufacturing facility with a capacity of 300 tons in Chittoor district of Andhra Pradesh after Kochi.
The facility is expected to be operational by the end of the year and will manufacture their new range of frozen parathas and various other products.
The Peepul Capital-backed company aims to double its revenues to Rs 100 crore this fiscal as against around Rs 50 crore last year by entering newer geographies like tier-II cities and bringing on board new partners for their business to business (B2B) segment.
Saurabh Kumar, vice-president, sales and marketing, Innovative Foods, stated that the company will be opening the second plant at mega foodpark in Chittoor by December that will manufacture all range of our frozen products. This is to drive the growth and double the turnover this fiscal.
According to TechSci Research, India's frozen food market is projected to grow at a CAGR of around 15 per cent, during 2016-2021, owing to increasing number of modern retail chains, rising number of refrigeration facilities in small retail shops and rapid development of fast food chains. The industry size is estimated at around Rs 800 crore.