Wardwizard Foods & Beverages Ltd., a company that had begun its operations as a manufacturer of vegetable oil products under the name M/s. Vegetable Products Ltd. in the 1950s has been actively expanding its product portfolio over the past one year that falls under various categories such as Ready-to-Eat foods, frozen foods, beverages, sauces, condiments and spices. Having withstood decades of hardships caused by the tough and competitive macro-economic environment, the company has emerged as a strong player in the market today. Today, the company maintains a strong network of clientele both in the Domestic as well as International Markets.
Read: July 2023 Issue of Food Infotech Magazine.
Neelkanth Shinde, President, R&D Quality, Wardwizard Foods and Beverages Ltd. had a chat with Claus from Food Infotech. Neelkanth Shinde discussed a little about the company and its business operations, including about their business expansion plans in the coming days.
Edited Excerpts Below:
Please start by briefly introducing your company, including its operations with us.
We are a publicly listed company traded on the Bombay Stock Exchange, with a rich history of serving the food industry for over 70 years. Our journey began as a manufacturer of vegetable edible oil products, proudly known as ‘PRATAP VANASPATI’. Today, our product portfolio has expanded to include a diverse range of frozen foods, Ready-to-Eat meals, beverages, and an assortment of condiments such as mayonnaise, sauces, dips and dressings. With over 100 SKUs of mayonnaise and sauces, we cater to both the HoReCa B2B and retail sectors, ensuring our presence in every segment of the market.
Can you share some details on your recently established brands with us?
Upon recognizing the immense growth potential in the frozen food and packaged food sectors, we made the strategic decision to aggressively expand both domestically and internationally last year.
In addition to focusing on our flagship brand, QuikShef, we also pursued an inorganic growth approach by acquiring Snack Buddy. QuikShef is renowned for its ready-to-eat product manufacturing business and is a well-known name in the Quick Service Restaurant Chain Industry in Gujarat and Maharashtra. On the other hand, Snack Buddy specializes in spices and condiments.
Driven by our mission to cater to the Indian taste palate across globe, we are constantly working on expanding our product line.
How do you see the future of the business in the days ahead?
We are a bootstrapped company that has dedicated the past year to meticulous preparation and extensive promotion of our products across multiple platforms. With our business poised to take off smoothly this year, we are confident that our revenues will multiply significantly in the coming years, reflecting the positive responses we have received thus far. Based on current trends, we anticipate reaching a revenue milestone of INR 1000 crores within the next 4-5 years.
Please let us know about your expansion plans in the domestic market in the coming days.
Wardwizard Foods has established a robust presence in the South Indian Markets and we have received encouraging responses from our customers in this region. The majority of them adhere to highly ethical business practices, resulting in minimal or negligible payment backlogs. However, our presence in the North Indian Markets is currently limited. To capitalize on our diverse portfolio of products, we are preparing to make a significant entry into this market in the coming year.
Please share with us more details about your manufacturing facilities.
We currently operate two manufacturing facilities in Pune and Vadodara. We are building a State-of-the-Art facility in Pune which shall be fully FSSC 22000 certified, ensuring the highest standards of food safety and quality. In addition, our Vadodara facility has achieved halal certification and we are actively working towards obtaining FSSC 22000 certification for this facility as well and look forward to get the same certified by July 2023. Looking ahead, we have exciting plans to establish new facilities in Eastern and Southern India in the near future, further expanding our reach and capabilities.
Which are the export markets that you’ve planned to target in the coming days?
We are currently prioritizing the expansion of our presence in the Middle East and South East Asian markets. Additionally, we have plans to further grow our reach in the European market in the near future. As part of our strategy, we will be showcasing our products at ANUGA Cologne in Germany later this year.
Lastly, can you update us about your immediate future plans?
We are strategically expanding our presence in the domestic market through our sales and distribution channels. In the near future, we will be initiating brand building activities to strengthen our position.
To ensure steady growth, Wardwizard Foods will continue to forge partnerships with distribution partners, following conventional methods. However, we are also open to exploring innovative approaches, such as leveraging technology, to further penetrate the market with our diverse range of products.