Mumbai-based Nilgai Foods all set to expand operations

Nilgai Foods, which operates the brand PICO across the Quick Service Restaurant (QSR) and FMCG gourmet food space, has raised an undisclosed amount of investment from an HNI investor to finance its expansion plans. This investment will go towards expanding the business and meeting working capital requirements.

As a gourmet brand, PICO caters to the gourmet consumers at both their workplace (with dining and delivery of fresh foods) and home with products across categories such as jams, sauces, dips, dressings and baked goods sold through third-party retailers.

Nilgai Foods operates a chain of 11 PICO Express outlets in key locations in Mumbai based in corporate parks, office complexes and gyms, and provides a range of grab-and-go gourmet food. The company has plans to expand into other cities such as Delhi and Bangalore soon.

The company’s FMCG range of products is available in stores across NCR and Mumbai, but the company has plans to take its product to all major metros and Tier I cities over the next few years.

AbhayJaiswal, CEO of Nilgai Foods, said, “Our vision is to make PICO India’s first global gourmet brand. Though young, our brand has seen strong consumer acceptance in both dining and FMCG. Over the next few years, we plan to take our QSR brand PICO Express to cities like Delhi and Bangalore. Our FMCG products are currently in Delhi and Mumbai, but we plan to expand that reach rapidly over the next couple of years to reach over 10,000 retail stores across India. We will be looking at raising a further $7-10 million to finance our on-going expansion plans.”

A quick look on gourmet food in India

The Indian gourmet foods market is estimated at Rs. 81 billion, and is one of the fastest growing segments in the space today, clocking growth rates of over 30% year-on-year. The growth in this space is primarily driven by changing consumer preferences and tastes due to increasing exposure to global cuisines.

This story is a part of the ‘F&B Entrepreneurs’ series presented in association with ‘Chilli Paneer – A DBS Production'.