Troo Good, India's largest millet snacking brand, has recently inaugurated its fifth manufacturing facility in Durg, Chhattisgarh. Covering an expansive 6000 sq. ft. floor area, this new facility complements the brand's existing allied facilities in the state. The inauguration ceremony was graced by the Hon'ble Minister for Women and Child Development of the Government of Chhattisgarh, Smt. Anila Bhediya, along with other distinguished guests.
Situated in close proximity to the brand's raw material sources, the Durg facility is expected to stimulate the local economy by generating employment opportunities and making a measurable economic impact. With a production capacity of 7,20,000 millet-based snack bars annually, Troo Good has also emphasized the engagement of more women in its operations and collaboration with women's self-help groups.
The state-of-the-art factory features an automated manufacturing line equipped with mixing machines, rollers, crushers, roasters, and manually operated cutting machines. Temperature control equipment, drying tables, and packing machines have also been integrated to ensure top-notch quality and impeccable hygiene standards.
Following Troo Good's templatized factory model, this new facility enables swift and efficient scaling of operations to meet increasing demand. Adhering to the brand's four principles of 'Local Hiring', 'Local Procurement', 'Local Manufacturing', and 'Local Selling', the Durg facility contributes significantly to the end-to-end hyper-local economy of the region. With existing manufacturing facilities in Hyderabad, Telangana, Rajahmundry in Andhra Pradesh, and three other locations in Chhattisgarh (Awari, Bijapur, and Durg), Troo Good has invested over RT 1 crore to establish the Durg facility.
This expansion marks a significant step for Troo Good, as the new facility is expected to boost its revenue from Rs 53 crore in FY 22-23 to achieve the brand's revenue target of Rs 100 crore for FY 23-24. Troo Good's millet chikkis are now available in more than 30,000 outlets across the country, ranging from Kirana stores to modern trade, solidifying the brand's position in the snacking market.
Raju Bhupathi, Founder and CEO of Troo Good said, “We are very excited about the launch of our latest manufacturing facility in Chhattisgarh. Our products have been gaining steady popularity, nudging us to ramp up production by opening more templatized factories, that allow us to cater to the rising demand while helping us reduce operational and logistics costs. This is an important milestone in our national roll-out and we are confident of ensuring an exceptional experience with the product and service.”
Gopal Snacks Limited, based in Rajkot, has established the price band for its Initial Public Offering (IPO) at Rs 381 to Rs 401 per Equity Share with a face value of Rs 1 each. The IPO is set to commence on March 6, 2024, and conclude on March 11, 2024. Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter, with the issue being an offer for sale amounting to Rs 650 crore.
The fast-moving consumer goods company, known for its ‘Gopal’ brand, specializes in a diverse range of savory products, including ethnic and western snacks, papad, spices, gram flour, noodles, rusk, and soan papdi. With a product portfolio comprising 84 products and 276 Stock Keeping Units (SKUs), Gopal Snacks has expanded its presence across India, reaching over 523 locations in ten States and two Union Territories.
As of September 30, 2023, the company's distribution network consists of three depots and 617 distributors, supported by a dedicated sales and marketing team of 741 employees. Gopal Snacks operates six manufacturing facilities in India, strategically located in Rajkot, Modasa, and Nagpur, focusing on producing a variety of products, including besan, raw snack pellets, seasoning, and spices.
The IPO, conducted through the Book Building Process, allocates not more than 50 percent to Qualified Institutional Buyers, not less than 15 percent to Non-Institutional Investors, and not less than 35 percent to Retail Individual Investors. Book Running Lead Managers for the Offer are Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, with Link Intime India Private Limited serving as the Registrar. The Equity Shares are proposed to be listed on BSE and NSE.
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