“Beverage Industry is growing at a CAGR of 22-25%”: Akshay Solanki
In an exclusive conversation with Akshay Solanki, Promotor and Director Shreeyum Foods sheds light upon the growth strategy of the company.BY Shipra Srivastava | June 13, 2018 | comments ( 0 ) |
Tell us about the brand Infuze? What was the inspiration behind launching this brand? Also tell us something about your entrepreneurial journey?
Infuze is pure wholesome water infused with hint of 100% Natural flavors of Herbs and fruits. Infuze Water is a substitute to bottled Drinking water as well as carbonated sodas and sugary beverages. The idea behind Infuze is to bring back healthy lifestyle back to the lives of people. The modern health conscious consumers want something which can improve their well-being as well as charm their taste buds. We see people gulp down carbonated drinks and sodas rampantly than water. Despite knowing the benefits of water we don’t often consume the required amount of water, so we thought of creating a delicious alternate which can make regular water taste better. The broad objective of the company is very well represented through its Tagline of Infuze bottled water – Water with A Mission. The company is very well determined to achieve its mission of growing consciousness and importance of water in the life of people and increasing health awareness among youth. As rightly said ‘water is Life’ and by adding flavors to life, Infuze aims to make life more interesting.
I am a chartered accountant by qualification, and have expertise in the field of Finance. After qualifying as Chartered Accountant in July, 2016, I was working in the Family business (Granite Industry) until I took on this project and carried out the various research and feasibility studies. I have special interest in the field of Management and will also be handling the Purchase side of the company.
Flavored water is one emerging segment. How it is different from packaged drinking water or mineral water? Also, what would be the tentative market size?
Flavored water industry is still at a very nascent stage in India. Out of the total Market of packaged drinking water, flavored water contributes less than 0.5%. “Infuze” or Flavored water has infusion of flavors in it which makes it different from nomal drinking water or mineral water which has extra minerals. Main USP of our brand “Infuze” is that it has infusion of 100% Natural flavors unlike most of the other players in this category. Also Infuze is a Zero Sugar, Zero Preservative, Zero Fizz drink which stands apart from rest making it India’s first of its kind purified water infused with natural flavors of herbs and fruits. Infuze water is also the first to be available in Licorice (Saunf) and Basil (Tulsi) flavor in addition to Apple and Pineapple.
Kindly shed light on current distribution in the online as well as offline space? What is your target group for this product?
The Company is planning to sell the product through indirect channel (Retailers, distributors) as well as direct channel i.e. direct supplies to the big customers. Some of the customers segment/market which have been identified as target customers are Catering industry, Hotel industry, Restaurants chains, Supermarkets, Online Grocery stores, Events, corporate clients etc. Water is a must requirement in all the events and gatherings and by offering varieties in water, company is creating a unique Niche that has large market prospects. Company plans to add more flavors later in a systematic and planned manner and also provide the option of customized flavors in direct channel (Big Event, Catering or Hotel etc.).
Who do you see as your competition within the same space?
There are only few established players into this segment such as the Narang Group’s O’cean, Blue. Aquafina has also recently launched Aquafina Splash water with Vitamins and Flavors. Also, the Nourishco Group’s Himalayan Orchid Pure is the latest entrant in this segment. However, unlike all these products our product is sugar and preservative free natural drink.
Are you a bootstrap or have raised any sorts of funds so far?
Yes we are a bootstrapped company. The Company Shreeyum Foods Pvt Ltd is a startup India Recognized Small Company with 3 directors who are well qualified and with diversified field. Company plans to expand the base of Infuze all over India.
Indian Beverage Industry is growing at a CAGR of 22-25% and represent immense opportunities and it is moving towards functional beverages. Company is planning to diversify and expand the base in F&B Industry and is planning to raise the Funds through VC and Crowdsourcing in future.
Kindly shed light on your pricing strategy?
At this point of time, I won’t be able to share our pricing strategy.
At last, kindly highlight your growth plans?
Our growth plan is to capture a big market share of India’s beverage industry by offering continuous innovations in the F&B segment and at the same time catering to the desired changes and taste of customers. We hope to see the presence of our product and company across India. We will look for funding options to grow at a rapid pace and explore mass marketing options.