Radikal Overseas eyes Rs 1,000-cr biz this fiscal
Hyderabad: Radikal Overseas Private Limited, a leading exporter of basmati rice, is targeting Rs 1,000 crore...
"We have carved a niche for ourselves in domestic as well as overseas market despite the fact that we have entered into the segment just three years ago. Our objective is to achieve Rs 1,000 crore business this year besides expanding into new markets," Uday Y Nayak, Sr General Manager (Sales and Marketing), Radikal Overseas Private Limited, told media here on Thursday.
The New Delhi-based firm, which logged in a turnover of Rs 350 crore in FY-12, gets 75 per cent of its revenues from exports. "Currently, we export our basmati rice products to over 35 countries including those in Middle East and Africa. Our plan is to export to 30 more countries by end of 2013," he said. Middle East is the leading export destination for the company, accounting for 35 per cent of the total exports.
With domestic market for basmati rice growing at 15 per cent, the company expects more contribution from domestic sales in the coming years. "We will have equal contribution from domestic and export markets in a couple of years time," he explained. To expand its business in the country, Radikal Overseas is looking to double the distribution network to 160 outlets from the current 80. "Our aim is to penetrate into tier 2 and tier 3 cities which offer huge potential for growth," Nayak added. The company is also planning to enter into ready-to-eat market with rice-based products.
As a part of its efforts to increase awareness about the brand, the company had launched a consumer connect programme called 'Rice to Riches' across eight cities including Hyderabad. This initiative involving over 500 residential welfare associations gives an opportunity to people to showcase their culinary skills and win prizes. Final winner in the cooking competition will walk away with the grand prize of Chevrolet Sail sedan.