Milkshake brand Keventers is expanding its product portfolio to boost same-store sales by 10% this summer season. The growth is attributed to a recent inflation-driven price increase and the company’s focus on non-dairy and ice cream offerings.
Keventers’ founder and CEO, Agastya Dalmia, announced the launch of vegan ice cream earlier this year, marking the brand’s entry into the non-dairy market segment. The expansion of its product range is aimed at attracting new customers, increasing mealtime visits, and ultimately, boosting the brand’s number of orders.
Currently, milkshakes account for 75% of Keventers’ sales, while ice creams make up the remaining 25%. In the financial year 2022-2023, the brand reported revenue of INR 90 crore.
Dalmia expects milkshakes to make up 60% of Keventers’ sales, followed by ice cream at 30%, and food at 10%. The brand aims to achieve a 25% growth in same-store sales over the next 3-4 years. To strengthen its revenue streams, Keventers has been focusing on the development of its ice cream segment. Besides its physical stores, the company has listed ‘Keventers Ice Creams’ as a separate offering on food delivery platforms like Zomato and Swiggy.
Keventers is currently exploring a traditional FMCG format to deliver ice cream customer packs. The brand’s online sales contribute to approximately 40-45% of its total sales, with offline sales making up the majority.
Aman Arora, the Co-founder and CMO of Keventers, has stated that the brand intends to significantly expand its offline presence by opening 45 stores in the current financial year. These stores will be a mix of kiosks in food courts and malls, as well as dine-in outlets on high streets. Keventers aims to triple its store count in the next 3-4 years through this expansion strategy.
Arora mentioned that Keventers allocates around 20-24% of its budget towards store expansion, which may increase due to the brand’s rapid expansion plans. In October of last year, Jubilant acquired a minority stake in Keventers. Dalmia expressed that the funds raised through this partnership will sufficiently support the brand’s expansion plans for the next 4-5 years.
