Mumbai, Jan 14 (PTI) Truefarm Foods India, a 100 per cent organic food company, today said it was looking at raising around Rs 100 crore in the next 18-24 months from private equity investors to finance its expansion plans.
"We are having talks with private-equity investors to raise around Rs 100 crore in the next 18-24 months to fund our expansion and marketing plans. We have set up Truefarm nearly two years back and is now ready to roll-out wide range of product offerings including pulses, superfoods, spices & nuts, breakfast, flours & sweeteners," Truefarm Foods director Ravi Jakhar told PTI here.
The company has already tied-up with Reliance Fresh and other leading retail chains and aims to achieve a turnover of Rs 25 crore in the very first year of commercial operation, Jakhar said adding that the target is to achieve turnover of Rs 100 crore by December 2019.
"Over the past 18 months, we have invested in capacities, firmed up our products lines and forged distribution partnerships with global retailers including Walmart and Amazon. We are also targeting global consumers across key markets including India, UK, Singapore and USA," Jakhar said.
Truefarm aims to replace most of the food items in daily diet with healthier, chemical free, nutritious and delicious organic alternatives. The company has also appointed Ian Marber, a leading nutrition expert in UK as Director. The company has also engaged with farming communities across the world to cultivate 100 per cent organic crops.
The country's organic foods market is estimated at Rs 1,500 crore and is expected to double to Rs 3,000 crore in the next three years. The world organic market is estimated at USD 100 billion.
"The company aims to replace most of the food items in daily diet with healthier, chemical free, nutritious and delicious organic alternatives".
"We are looking at reducing carbon footprint and eliminating diseases caused by toxins and chemicals in our food. The company see it as its responsibility to restore ecological balance which has been disturbed by centuries of exploitation and contamination of resources such as soil and water by use of chemicals," Jakhar added. PTI AP NSK .
This is unedited, unformatted feed from the Press Trust of India wire.