Adinath Agro, the company behind the Surabhi and Winn brands, is set to raise Rs 80 crore in fresh funding, combining 70% equity and 30% debt. The equity portion will be primarily driven by Carpediem Capital, according to CEO Chandan Polekar, who spoke to ETRetail.
The fresh capital will be channelled into expanding its production capacity, ramping up manufacturing infrastructure, and pushing marketing efforts into high gear.
“We’ve already locked in commitments for about half the amount and are confident of closing the full round before this quarter wraps up,” Polekar said. Carpediem Capital had also backed the company during its earlier fundraise in 2015-16.
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Right now, Adinath Agro has a footprint in Maharashtra, Goa, and Karnataka. But that’s set to change—with expansion plans underway to cover six additional states: Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Gujarat, Madhya Pradesh, and Chhattisgarh, all within this financial year.
“We’ve already brought on board distributors for these new markets and expect to begin operations there shortly,” he added.
In terms of retail presence, Adinath currently reaches about 45,000 general trade outlets and has set an ambitious target of nearly tripling that number to 1.2 lakh within two years.
On the modern trade front, their products are already on the shelves at big chains like DMart and Reliance Retail. The next push will be into regional players, including Ratnadeep, Vijetha, and Namdhari’s in southern India.
“Our e-commerce efforts are also gaining momentum. We’re available across India on platforms like Zepto and Amazon Fresh, and are in active discussions with Flipkart Minutes. Swiggy has gone live for us in Gujarat,” Polekar shared.
Adinath currently operates in five main product segments—ketchup, Chinese sauces, mayonnaise, Indian condiments, and canned foods. By the end of the year, it plans to expand this to eight.
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Across both brands, Surabhi and Winn, the company offers 40 SKUs today. It’s prepping to roll out a new line of Chinese masalas and soups priced at Rs 10, which will introduce 15 more SKUs within the next six months.
