Kottaram Agro Foods, co-founded by Prashant Parameswaran, introduced millet-based food products under the brand Soulfull in 2013. In 2021, the brand was acquired by Tata Consumer Products Ltd. Since then, Soulfull has scaled up to the level it had aspired to before becoming part of the Tata group. Prashant Parameswaran, President, Tata Soulfull, speaks to Dipak Mondal of The New Indian Express about the brand’s journey under the Tatas. Excerpts:
It has been four and half years since Tatas acquired Soulful. How has been the journey so far?
The partnership was about scaling Soulfull, entering multiple new categories, and building on the millet platform. Most importantly, it was about mainstreaming millets and taking them across the length and breadth of the country. Those were the clear objectives we set for ourselves four-and-a-half years ago.
So, whatever was the purpose of this acquisition by Tata Consumer Products, have they been able to achieve those targets?
Yes, directionally we are moving in the right direction. You may not achieve every single metric, but in three-, five-, or ten-year plans, what matters is whether you are on the right path. I would say we certainly are.
Why was a millet-based product company so important for Tata Consumer Products, which is itself such a big brand?
It’s not just about millets. Soulfull was about health and wellness—less sugar, “better-for-you” products, and affordability. We were never going to be a niche brand for only the top 1% in metros. The idea was to create relevance for 200–300 million households. That’s why the platform was valuable.
What strategies have you adopted to reach those households?
We focus on three things:
Product – Food must combine taste and nutrition. Taste is non-negotiable.
Price points – India needs affordable entry packs (₹5, ₹10) that let consumers try the brand without diluting quality.
Accessibility – Availability across states, retail, and multiple touchpoints.
We also use a multi-pronged category approach—breakfast cereals, kids’ snacking, wafers, choco sticks, rusk, masala oats, and more. We’re not a one-product company but a portfolio serving different consumer segments.
What scale have you achieved since the acquisition? Can you share revenue numbers?
We are about five times larger than at the time of acquisition and continue to grow at a fast pace. The foundation we have built ensures we can keep doubling every two to four years. We don’t disclose segmental revenues. Whatever is available publicly is under “growth businesses” in our financial reporting.
How do you see consumer acceptance of millet-based products, especially with the government push?
Taste is paramount in India. Millets have distinctive flavors (ragi, jowar, bajra), and our expertise lies in using food science and technology to retain nutrition while making them palatable without artificial ingredients. For example, our new no-maida rusk blends millets with flavors like cardamom and butter to suit consumer tastes.
So, people are liking the products?
Yes. We are in the food business, not pharmaceuticals. Success depends on repeat consumption and loyal customers, which we are seeing.
Are you focused only on the domestic market? What new launches are you planning?
Predominantly yes, though we also have a significant presence in the West Asia, mainly among the Indian diaspora.
We have entered many categories in the past two years. Now, the focus is scaling them. For example, the rusk market is about ₹6,000 crore. We’ve just entered with no-maida Rusk, launched in states like Odisha, West Bengal, Bihar, Uttar Pradesh, Rajasthan, and Gujarat, with Maharashtra, Delhi, Punjab, and South India to follow.
We have also launched cream wafers for kids, available at ₹5 price points, with flavors like chocolate and cheese. These sell well even in rural markets.
Usually, when a company is acquired by a bigger firm, the founders exit. But you’re still leading Soulfull.
That in itself shows it is working well. I did not build Soulfull just to sell it — I wanted to make millets relevant for the 21st century consumer. The Tata Group shares this purpose of building meaningful, purposeful brands. When the goals are aligned, the partnership works.
What are those goals?
Growth and market share. If we want to mainstream millets, people have to eat them. For example, we’re already No. 2 in muesli. In rusk and kids’ categories, we aim to build strong No. 2 positions against mainstream players, even if they aren’t health-focused. Today, you’ll see 20–30 millet brands in stores—ten years ago, there were none. That’s real progress.
Who is your competition?
It varies by category. We compete with all the major FMCG, multinational, and national players—whether in biscuits, rusks, or breakfast cereals. Since we are multi-category, competition comes from different players in each space.