Latest News | Phalada Organic Aims to Become Rs 100 Cr Company by End of 2021

New Delhi, Aug 11 (PTI) Bengaluru-based Phalada Organic Consumer Products on Tuesday said it aims to become a Rs 100 crore company by end of 2021 amid rise in demand for organic products during the COVID-19 pandemic.

The company, which sells about 145 products under the brand 'Phalada Pure and Sure', also initiated its first export during the pandemic with shipment sent to Dubai, it said.

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Phalada Organic Consumer Products also got into the wellness space to encash on the growing demand for superfoods and immunity booster products in the ongoing pandemic. Two products -- Amla and Triphala powders -- are slated for launch in the coming days, it added.

"We are growing on a year-on-year basis. We have more than doubled our revenues in the first quarter. We expect to double our sales by the end of this year. By end of 2021, we would be a Rs 100 crore brand," the company's Managing Director Surya Shastry told PTI in an interview.

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While domestic sales are growing, the company has also initiated exports during the COVID-19 period. "We have just started our first export to Dubai. We anticipate good growth from there also," he said and added the company is also in the Middle East and SouthEast Asia for exports.

In order to support the growth plans, Shastry said the company is "planning to raise up to Rs 5 to 10 million external funds in the next six months" and therefore does not wish to share the company's current revenue figures.

On challenges faced during the nationwide lockdown imposed to contain the spread of COVID-19, he said there was supply disruption from April to May but the situation began to improve from June after the government relaxed lockdown norms and allowed e-commerce entities to operate.

There was an increased demand for snacks and value-added products because of the closure of restaurants and hotels. There was also demand for superfoods and immunity booster products, he added.

The company currently has two physical stores in Bengaluru but has a distribution network across the country and in Dubai, Singapore and Vietnam. It also sells via e-commerce platforms like Amazon and Bigbasket.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)