BENGALURU: The need of the hour is more investment in biotech as it enables us to map all the strains of viruses that are prevalent in the country, said Gurmukh Roopra, CEO, Namdhari’s Group.
The Group is into agribusiness and also the largest offshore manufacturer of hybrid seeds in the country. In an interaction with this paper, he said a lot of research takes place into developing a product with a particular trait. “Today, chili areas have a huge problem of thrips.
There are different strains between what grows in Andhra and what grows in MP, which are two major chili hubs. There are not many varieties which are available that can withstand these pressures,” said Roopra, stressing on need for investments in biotech.
He added, “We can have varieties that can be targeted to withstand particular strains.” “Many companies invest 10% of their turnover in developing products. The challenge is we don’t have a strong IP protection ecosystem in the country. There’s a need to enable innovation in our country,” he said.
Namdhari’s works with over 500,000 farmers and in FY22, it clocked an annual turnover of Rs 560 crore and this rose to Rs 650 crore in 2023. With 26 retail outlets in Bengaluru and Hyderabad, it plans to expand into new markets. In retail business, it is looking to raise between $30 million and $50 million. The retail segment clocked an annual turnover of Rs 150 crore in FY23.
It plans many new initiatives in 2024. “We have a lot of new products that are in pipeline. We have a good range of hot peppers that are coming into market for farmers. In production business, we are looking at expanding our portfolios.”