Maiyas, the popular food and beverage manufacturer, has received Rs. 200 crore in funding from private equity investor Peepul Capital. The funding will help Maiyas expand its product portfolio in the snacks and ready-to-eat category. The company has plans to reach $100 million in revenue by the end of this decade.
Launch of Maiyas
Maiyas was founded by Bengaluru-based P Sadananda Maiya after the sale of his MTR brand to the Norwegian company Orkla eight years ago. With the no-compete agreement expiring in 2012, Maiyas was introduced into the market with products targeting various categories, including sweets, snacks, instant mixes, ready-to-eat and spice categories. Speaking to Times of India regarding the latest funding, Maiya said, “We are witnessing a growing demand for healthy and convenient food products from urban households. We have a large pipeline of innovations which will be rolled out after the latest funding.”
Rising Market For Snacks
According to Times of India, India’s market for snacks, sweets and spices is expected to top Rs. 1 lakh crore in the near future and brands such as Maiyas and MTR are jostling to grab a share of the ever expanding pie. Recently, Haldiram’s held talks to raise nearly Rs. 1,300 crores from PE Firms taking the valuation of the company to nearly Rs. 6,700 crore. The Indian snacks industry has seen a meteoric rise from 2004 with the revenue reaching nearly Rs. 47,000 crore in 2013. The number is expected to increase in the coming years with growing demand for ready-to-eat products for easy consumption.