In an interaction with Archit Goel, Executive Director and CFO of Shri Bajrang Alliance Ltd Food Marketing and Technology Magazine asked him about his new venture GOELD. He talks about frozen food and 100% vegetarian products in this category; company’s future plans and investment for growth…
- Could you tell us about yourself in brief and the reason for starting GOELD?
ANS- Under its banner ‘Shri Bajrang Alliance Limited’, the Group has launched “GOELD”, established in May 2020 as an addition to its illustrious accomplishments. GOELD marks the foray of Goel Group into the foods business with its range of superior quality 100% vegetarian frozen food products. We started the frozen food products brand because we wanted to make healthy food available to people at an affordable price. The cost of the products ranges from Rs. 120 to 395 per pack inclusive of GST. We offer a range of superior quality 100% vegetarian frozen food products, so there is sure to be something for everyone. The growth strategy adopted by our company is to expand our product range and reach out to more people.
2. We already have vegetarian frozen food products in the market by established players. What are your unique propositions vis-a-vis other brands?
ANS- There are a few key ways in which our vegetarian frozen food products differ from those of other brands. First, our products are made using only the freshest and highest quality ingredients. This means that our products are not only delicious, but also nutritious. Second, we offer a wide variety of vegetarian frozen food products, so there is sure to be something for everyone. We offer a range of frozen food products such as Garlic Naan and Aloo Paratha, to drooly snacks like Paneer Cheese Samosa, Mac & Cheese Pops and Veg Seekh Kebab; they also provide curries like Paneer Butter Masala, Dal Makahani, Pindi Chhole, as well as an array of vegan treats like Quinoa Patty, Soya Shami Kebab and Lachha Paratha (Made from Whole Wheat Flour). Finally, our products are reasonably priced, so you can enjoy delicious, healthy food without breaking the bank.
3. Who are your target audience? How are you targeting them?
ANS- The target audience for this campaign is anyone who wants to eat healthy food. This includes people who are interested in eating healthy for themselves, as well as those who are interested in eating healthy for their families. We offer a range of superior quality 100% vegetarian frozen food products. We are targeting our target audience by creating content that is relevant to them. We are using data to segment our audience so that we can tailor our messages to them. In order to reach this target audience, we have increased our reach and network by targeting various marketing channels, such as social media, email marketing, and paid advertising, etc.
4. What was the revenue in 2022 and what is your projection for 2023?
ANS- The Total revenue of Shri Bajrang Alliance Limited: –
- 2021-22 172.61 Crores
- 2022-23 (Projected) 230 Crores
5.How did Covid change consumer behaviors and how are you addressing their needs?
ANS- Covid-19 has changed the way consumers behave in a number of ways. Established in the month of May 2020 during the worldwide pandemic amid the need for fresh and hygienic food demands, GOELD is a 100% vegetarian frozen food brand offering a wide range of products which range from Indian Breads, Snacks, Curries, Meals and Ready to Eat vegetarian dishes. They are a vegetarian haven of purity as all their products are manufactured in 100% Vegetarian Kitchens which is a very rare scenario in the food processing industry.
Post covid Consumer are preferring healthy and packed products and we are offering them healthy products without preservative. Perhaps the most notable change is the way that consumers purchase goods and services. With so many people now working from home, there has been a significant increase in the amount of online shopping that people do. This has led to a need for businesses to have a strong online presence and to be able to cater to the needs of online shoppers.
6. How many SKUs do you have and how many States are you present in?
ANS- We have total of 54 SKUs (Retail- 24 and Horeca- 30) and We are open for customization. We are present in 19 states with 40 towns and expanding other geography very soon.
7. What are your expansion plans?
ANS- We plan to expand our business to reach the maximum number of outlets possible. The range of products will be completely free from preservatives, colours and artificial flavours containing zero trans-fat. The products are now available in the markets of Mumbai, Pune, Bengaluru, Hyderabad,Vizag, Punjab, Lucknow, Kanpur, Ahmedabad, Surat, Raipur, Jaipur and many more cities across supermarkets, modern trade and e-commerce. Furthermore, the company has also taken itself overseas by supplying to international markets like New Zealand, Australia, Netherlands, USA and will also expand the range of product offerings. Our expansion plan includes diversifying the product line, expanding the customer base, and increasing marketing efforts.
8. Do you have investment plans for 2023-24?
ANS- We have a few expansion plans. One of them is increasing the market and consumer demand which will involve creating new marketing campaigns, developing new products, or expanding into new markets.