Namdhari’s to raise upto $50 mn to scale up retail presence

We will be investing organically as well. I think once we get on that road, more options will probably open, says Gurmukh Roopra, CEO, Namdhari’s Group.

Namdhari’s Group, which has presence in fresh fruits and vegetables, groceries, dairy, seeds and restaurants/cafes, said it was raising up to $50 million to fund the expansion of its retail businesses in metros and select towns across the country.

“We will require at least $30 million to $50 million to scale up our retail network in the country in the next 12 months,” Gurmukh Roopra, CEO, Namdhari’s Group told The Hindu. “A financial or strategic partner will help us take our retail story forward.’‘

“We are now exploring multiple options, including aligning with strategic players and financial partnerships involving Indian and global venture firms to expand our fresh grocery and food retail and seed businesses in metros and small towns in the country,” he added.

According to Mr. Roopra, Namdhari’s is currently in the process of formulating thoughts in terms of how it would expand its retail business across the country.

“We will be investing organically as well. I think once we get on that road, more options will probably open,” he added.

“Like any organisation, we have to choose where we would look at making that maximum impact for the input that we put. Investments are required to expand in metros and at the same time we believe that our business, mostly seed business, in the rural part of the country also requires investments,” he added.

Commenting on the urgency that rural India needs for organised retailing, he said, “I think there are a lot of people, including e-commerce guys, who are serving urban consumers. But the rural markets command a bit more urgency compared to the urban part of it,’‘ Mr. Roopra observed.

Namdhari’s Group currently has a turnover of ₹650 crore, with the seeds segment alone accounting for ₹300 crore. Its fresh business, that includes retailing of vegetables, fruits, dairy, groceries and exports of fruits and vegetables, account for the rest.