ProV Foods, a rising name in India’s dry fruit sector, is setting its sights on substantial growth as the country’s fragmented dry fruit market shifts towards organized and branded products.
Founded in 2015 by DP Jhawar, ProV Foods has leveraged its understanding of the unorganized sector to build a solid presence in the organized market. “When we started, 90% of the industry was unorganized. We saw the opportunity to bring quality and consistency to a market where consumers were demanding more transparency,” says Jhawar.
With India’s dry fruit market currently valued at INR 60,000 crore and expected to grow to INR 95,000 crore over the next five years, the organized sector’s share is also poised to expand rapidly. Jhawar predicts that branded products will see significant growth, stating, “The branded market, which is around INR 7,000 crore today, will touch INR 20,000 crore in the next 4-5 years.”
From Supply Chain Mastery to Brand Success
ProV’s journey began by addressing the supply chain challenges inherent in the dry fruit market. “The first three years, we focused on understanding the business, building relationships with suppliers, and ensuring consistent quality. It’s this effort that has helped us ensure high standards across seasons, a critical factor in dry fruits,” Jhawar explains.
In 2018, ProV Foods entered the branded space, focusing on offering high-quality, packaged dry fruits across various SKUs. Today, the company offers over 150 SKUs across almonds, cashews, pistachios, walnuts, and mixed products. Almonds and pistachios remain their top-selling items, with ProV capitalizing on a growing consumer preference for healthy snacks. “We’re seeing rapid growth in the healthy snacks segment, particularly with smaller packs like INR 30 options, which are doing very well in general trade and pan stores,” Jhawar shares.
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Growth Strategy and Expansion
With a revenue of INR 300 crore in the branded space last year, ProV Foods has set an ambitious target of INR 425 crore for the current fiscal year. The company’s growth strategy revolves around increasing its presence in general trade, especially in southern India, where it already has a strong foothold. Jhawar emphasizes, “We’re focusing on going deep in the markets we’re already in, rather than expanding too wide too quickly. However, I’m targeting 30% to 40% growth year on year.”
As e-commerce and modern retail continue to play a vital role in ProV’s success, Jhawar notes that the company is cautious about discounting strategies. “We don’t believe in deep discounting or burning capital. Our approach is to offer consumers quality at the right price,” he asserts.
IPO and Future Prospects
ProV Foods recently marked a milestone by going public, a move that Jhawar believes has significantly boosted the brand’s visibility. “The IPO has helped us gain recognition, and it’s opening up opportunities for us to enter new markets and launch new products,” he remarks. Beyond visibility, the listing has also provided the company with the capital needed for further investment in its business.
