A Bengaluru-based FMCG iD Fresh Foods is now focusing on expanding its business offline after some unrealistic growth results amid the pandemic.
The E-commerce Industry during the pandemic boomed like it never did before. The difference strikes a balance between online and offline channels in the financial year 2022-2023.
The Mustafa-led company saw 300% annual growth from the online channels, which got decreased to 100 percent in 2023. In a conversation with Business Today, iD Fresh Food’s CMO said that the team is realistic about not witnessing those years of hyper-growth again. He highlighted some shrinkage in the e-commerce space.
E-commerce is truly a blessing in disguise to navigate away from the crises of not getting enough goods delivered through the lockdown. E-commerce which has driven digitalization across economies, its peak is over now.
Even with shifted priorities, iD Fresh Foods is not done with the idea of e-commerce yet. Further, the company is also planning to dig deeper into some other cities like Pune, Mumbai, Chennai, and Hyderabad which are also the largest contributors.
The company is said to have crossed over ₹500 Cr in terms of revenue for FY23. It can touch ₹700 Cr by 2024. The company has developed its separate niche with its special dosa batter.
With product availability in over 35,000 retail outlets, Is it planning on exclusive brand outlets?
Gandhi, who previously dismissed the idea stating that they are not experienced yet, said discussions are on about this in the company.
- Kratika Agarwal
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